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Reliance Infocomm to raise 
3,750 crore
By siliconindia staff writer
|
Wednesday, 19 January 2005, 20:30 IST
MUMBAI: One of IndiaÂ’s largest telecom operator, Reliance Infocomm plans to raise Rs 3,750 crore by March 2005, sources close to the developments said. The capital raising exercise will be in the form of preference shares, equity or equity-like instruments such as convertible bonds.
Reliance Infocomm also wants to raise 
7,292 crore from banks in 2004-05.
The company needs money to hike its asset base from Rs 7,076 crore at the end of March 2004 to Rs 17,746 crore at the end of March 2005.
Despite raising such money, the company has not been able to breakeven, though it had projected to be profitable by the end of this financial year.
But according to sources, the companyÂ’s losses are expected to mount from Rs 395.3 crore at the end of the accounting year ended March 2004 to Rs 621.6 crore in March 2005.
7,292 crore from banks in 2004-05.
The company needs money to hike its asset base from Rs 7,076 crore at the end of March 2004 to Rs 17,746 crore at the end of March 2005.
Despite raising such money, the company has not been able to breakeven, though it had projected to be profitable by the end of this financial year.
But according to sources, the companyÂ’s losses are expected to mount from Rs 395.3 crore at the end of the accounting year ended March 2004 to Rs 621.6 crore in March 2005.