RIL to raise $2.2bn

MUMBAI: Reliance Industries Ltd (RIL)’s telecommunications unit said its board had approved a plan to raise INR 150 billion ($2.2 billion) via rights issue of shares to existing shareholders, ahead of an expected launch of its services in the second quarter. Reliance Jio Infocomm Ltd will be issuing 15 billion equity shares of INR 10 each to the shareholders of the company, it said in a statement late on Monday. It did not say how it plans to use the proceeds.