Reliance Jio Infocomm is going to raise Rs 15,000 crore through optionally convertible debt instrument.

Reliance Jio has informed to the stock exchanges that “The Board of Directors at its meeting held on September 12, 2016 has decided to make rights issue of 300,00,000-9 percent 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.”

On July 14, the board of Reliance Jio has approved to issue 1,500 crore equity shares of Rs 10 each aggregating to Rs 15,000 crore on right issue basis.

The company has, however now changed the instrument from equity to OCPS.

The filing further said that “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.”

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