“The Board of Directors at its meeting held on September 12, 2016 has decided to make rights issue of 300,00,00,000 – 9 per cent Non-Cumulative Optionally Convertible Preference Shares (OCPS) of Rs 10 each for cash, at a premium of Rs 40 per OCPS, aggregating to Rs 15,000 crore,” Reliance Jio informed stock exchanges on Monday.
The telecom operator’s board on July 14 approved to issue 1,500 crore equity shares of Rs 10 each aggregating to Rs 15,000 crore on rights issue basis.However, it has now changed the instrument from equity to OCPS.
“Each OCPS shall be either redeemed at a value of Rs 50 per OCPS or converted into 5 equity shares of Rs 10 each at any time at the option of the company, but not later than 10 years from the date of allotment of OCPS,” the filing said.
The company has commercially started its 4G services on September 5 and will offer free phone call and high speed data services for free till December 31.
However, it is facing resistance from incumbent telecom operators who have been reluctant to provide it network interconnection points resulting in failing of most of the calls made on Airtel, Vodafone and Idea Cellular network.
The company has launched its commercial service about a month before start of country’s biggest ever spectrum auction which is set to start from October 1.
The government will put airwaves worth Rs 5.63 lakh crore in the upcoming auction. The last date for submission of application to bid in the auction with earnest money deposit in the form of bank guarantee is September 14.
As per rating agency ICRA, consolidated debt level of the industry stood at around Rs 3,80,000 crore in December 2015, against Rs 2,90,000 crore in March 2014 and going forward, given the estimated level of participation in the auctions, the industry debt would rise to around Rs 4,60,000 crore.
A 28-year-old Indian-origin MIT scientist has won a prestigious award for his research on radio waves, solving a problem that had stumped scientists for almost 150 years and enabling a host of new applications from Internet of Things connectivity to motion tracking.
Former British prime minister David Cameron, who resigned in the wake of the June 23 “Brexit” vote , announced his decision to step down as a member of parliament on Monday.
The second ship of the Project 15B, a guided missile destroyer christened ‘Mormugao’ for Indian Navy, will be launched in Mumbai on September 17.
The Supreme Court reduced on Monday the daily quantum of Cauvery water to be released by Karnataka but increased the duration of the order, expressing displeasure over the deteriorating law-and-order situation across southern India, where life is paralysed by violent strikes.
The NDA government sacked Arunachal Pradesh governor Jyoti Prasad Rajkhowa on Monday, after he refused to quit despite receiving several hints in this regard.
China responded Monday to calls that it needs to do more to rein in North Korea’s nuclear program by saying that American officials were truly to blame for inciting conflict on the Korean Peninsula.
India’s Deepa Malik won a silver medal at the Rio Paralympics in the women’s shot put – F53 event on Monday with a personal best throw of 4.61 m.
Concerned that students continue to stoop under the weight of heavy school bags, the Central Board of Secondary Education (CBSE) on Monday asked affiliated schools to enforce additional measures to lighten students’ burden.