Reliance Industries Limited's (NSEI:RELIANCE) telecom arm Reliance Jio Infocomm Limited is planning to issue rights shares to raise resources for a planned INR 300 billion (about $4.4 billion) network expansion to boost coverage and increase capacity, which would help the company reduce its dependence on other telecom operators for interconnectivity. The fresh investment in network expansion will take total investment in the network close to INR 190 billion. "In view of the unprecedented customer response to Reliance Jio's services as well as address the anticipated growth in demand for digital services, additional investments are proposed to be made into the network to enhance its coverage and capacity," Reliance Jio said in a rights issue notice for existing shareholders on Friday. These investments are proposed to be financed largely through an equity offering to strengthen its balance sheet for growth, it added. "The company wishes to inform that board of directors at its meeting held on January 13, 2017, has decided to make a rights issue of 6 billion - 9% non-cumulative optionally convertible preference shares of INR 10 each for cash, a premium of INR 40 per OCPS, aggregating INR 30,000 crore," the notice read.