Reliance Communications is looking to raise funds through an overseas bond issue for the payment of around Rs 1100 crore ($173 million) to the government as an upfront payment for the airwaves it bought in the recent auction.

For the 2G and 4G spectrum which it bought in the auctions ended in last March, the company needs to pay Rs 4,299.13 crore. And as per rules the company has paid around a fourth -over Rs 1100 crore- as upfront payment.

On Friday the Fitch Rating agency said in a statement that, It has assigned RCom’s (BB-/Stable) proposed senior secured notes an expected rating of ‘BB-(EXP).