Reliance Communications has reportedly raised as much as $800 million from the sale of shares to institutional investors.
Citing unnamed sources, Bloomberg reported on Wednesday that the Indian operator received more than 120 billion rupees ($2 billion) worth of orders in a sale that began on Tuesday. RCom also plans to issue warrants entitling its founders to 86.7 million shares in a bid to raise a further 13 billion rupees ($216 million).
It is thought the appetite for Indian stocks has been buoyed by the election of a new, pro-business prime minister in Narendra Modi.
The proceeds "will be used primarily for repayment of debt and deleveraging the balance sheet," said Reliance, in a stock exchange filing on Tuesday.
At the end of March, Reliance Communications' debt stood at 402 billion rupees ($6.7 billion), up from 389 billion rupees at the end of March 2013, and at 199 billion rupees just four years ago.
Earlier this year, RCom named former Bharti Group executive Vinod Sawhny as its new CEO. The head of its wireless division, Gurdeep Singh, was given additional responsibilities as part of a broader management reshuffle.