Indian mobile network operator Reliance Jio Infocomm Ltd.’s two subsidiaries intend to fetch 2,000 crore rupees ($286 million) each via rights issues.
The subsidiaries, Jio Internet Distribution Holdings Pvt. Ltd. and Jio Television Distribution Holdings Pvt. Ltd., are among six subsidiaries formed by Reliance Jio last year to segregate its telecommunications and content businesses.
Jio Internet and Jio Television are issuing 1 million optionally convertible preference shares to secure $283.55 million each on rights basis.
The companies are securing the funds for general corporate purposes and to meet possible future investment needs.