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The ADAG company may sell as much as 10% of Reliance Telecom Infrastructure through an IPO, a business newspaper reported today Shares of Reliance Communications Ltd. (RCOM) climbed as much as 7.7% on Monday after a financial daily reported that its subsidiary Reliance Telecom Infrastructure is planning to Rs50-60bn through an initial public offering (IPO). RCOM may sell as much as 10% of Reliance Telecom Infrastructure Ltd. - which owns transmission towers and other infrastructure - through an IPO, the business newspaper reported today, citing bankers to the issue. The company will file a draft red herring prospectus (DRHP) with the capital market regulator SEBI this week, the newspaper said. Bankers close to the IPO have been quoted as saying that the proposed IPO of Reliance Tower Infrastructure will double its valuation from what it was in July after selling a 5% stake to a clutch of investors. Reliance Tower Infrastructure sold the stake for Rs14bn to seven investors - George Soros, HSBC, Fortress Capital, New Silk, Galleon, DA Capital and GLG Capital - in a deal which had put its valuation at Rs270bn. Reliance Telecom Infrastructure, which owns about 25,000 mobile towers, plans to expand them 40,000 by March and to 60,000 a year later, Chairman Anil Ambani said in an investor conference call last week. At 11:41 a.m., RCOM shares were quoted at Rs652.45, up Rs40.65 or 6.6% from the previous close. Earlier, the stock touched an intra-day high of Rs658.80 and a low of Rs625. The scrip is down 14% in the past one month and touched a 52-week high of Rs844, on January 10. Source : indiainfoline.com
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