Reliance Communications (RCom) announced that its board of directors has allotted 338 million shares of face value of Rs 5 each to the eligible Qualified Institutional Buyers (QIBs) at a price of Rs 142.14 a share (including a premium of Rs 137.14 a share) aggregating to Rs 48.08 billion.

Post the said allotment, the paid-up equity share capital of the company stands increased to Rs 12.01 billion comprising of 2.40 billion equity shares of Rs 5 each.

Shares of the company declined Rs 0.95, or 0.65%, to settle at Rs 144.90. The total volume of shares traded was 968,737 at the BSE (Wednesday).