The issue will be open to all existing shareholders, the foremost being Reliance Industries.
The board of Jio has approved further issue of equity shares of Rs 10 each "aggregating to Rs 15,000 crore to the existing shareholders of the company on rights basis," the wholly-owned unit of Reliance Industriessaid in the notice.
Jio has a capex plan of Rs 1,00,000 crore by the time it starts operations, likely around April. The company has so far spent Rs 85,000 crore a significant portion of which was spent on airwaves across spectrum bands.
Earlier today, the company announced a spectrum buying and sharing agreement withReliance Communications, that is likely to cost the company around Rs 4,500 crore.
The cash payment to RCom must be made quickly, as Rcom must pay the Department of Communications Rs 5,384 crore for spectrum liberalisation by Friday. The liberalised spectrum is what RJio needs to complete its 4G network on the 800MHz band across India.
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