"The Board of Directors at its meeting held on July 20, 2017 has decided to make a rights issue of four billion - nine per cent non-cumulative optionally convertible preference shares (OCPS) of Rs 10 each for cash, at a premium of Rs 40 per OCPS, aggregating Rs 20,000 crore," Reliance Jio Infocomm said in a regulatory filing.
An aggressive newcomer, the Mukesh Ambani-led firm launched 4G services commercially on September 5, 2016 with free data and voice offerings, and signed up the first 50 million subscribers in just 83 days.
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Earlier this month, Jio rolled out new plans after its Dhan Dhana Dhan offer — launched on April 11 — reached the maximum allowed 90-day period.
It has lowered validity and data on a revamped Rs 309 plan but is dishing out a bumper 84GB for Rs 399. Jio had over 112 million users at the end of April 2017.