Zee Media Bureau
Reliance Communications, India's fourth-largest telecom operator, has raised Rs 48 billion (USD 804.02 million) from its share sale that was announced on Tuesday, as the telecommunications company looks to reduce debt.
People familiar with the matter said the company received total bids of about Rs 120 billion.
The offer price of the QIP has been fixed at Rs 142.13 a share, which is a 5 percent discount to the floor price of Rs 149.61, based on the formula prescribed by Sebi.
Reliance Communications shares were trading down 2 percent at Rs 148.40 on the National Stock Exchange.
With agency inputs
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