The company's board on Tuesday evening 6pm after closure of market hours approved QIP offering of Rs 3,000 crore and the deal went live on the stock exchanges at around 9pm. The book was fully covered by 11pm with orders pouring in overnight from US funds, while funds in Singapore and Hong Kong placed orders on Wednesday morning 5.30am onwards, said a source.
"The books were closed on Wednesday at 9am, before the opening of markets with bids received exceeding Rs 12,000 crore or $2 billion. The company up-sizes the offering by 60% from the base level to Rs 4,800 crore, making it the largest ever QIP offering in India, excluding banks," said the source quoted earlier adding that the QIP got overwhelming response from 'long only' investors in US, Middle East and Asia.
The promoters decided to invest Rs 1,300 crore through preferential allotment of warrants alongside QIP offering with 5% premium over QIP offering taking RCom's total equity proceeds over Rs 6,100 crore.
The entire proceeds will be used to pay down high cost rupee debt and deleverage balance sheet and interest savings of Rs 800 crore. This may be termed as the single biggest equity issue since the pro-business Narendra Modi government took office.
Country's third-largest mobile phone operator by customers had net debt of Rs 40,000 crore or $6.7 billion as of March 31, 2014, more than five times its operating profit, making it the most-leveraged among listed Indian carriers. A Reliance Communications spokesman declined to comment on the issue.
Reliance Communications shares on BSE closed almost flat at Rs 151 in a volatile Mumbai market on Wednesday.
http://timesofindia.indiatimes.com/followceleb.cms?alias=Reliance communications,promoter,markets,investor,Anil Ambani
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