Sep 25, 2009

Reliance Infratel files IPO papers

Anil Dhirubhai Ambani Group (ADAG) company and subsidiary of Reliance Communications, Reliance Infratel, has filed for the draft red herring prospectus (DRHP) for an initial public offering (IPO) of 15.6 crore shares with the SEBI (Securities and Exchange Board of India).

The offer will be constituted 10.05% of the fully diluted post issue paid-up capital of the company. Post issue, Reliance Communication will continue to own 85% stake in the company.

Part of proceeds will use for repaying RCIL (Reliance Communications Infrastructure Limited) loan of Rs 4,931 crore. Out of proceeds, Rs 4,000 crore will be used to repay loans.

Reliance Infratel has total of 48,139 towers as of August 31, 2009. It reported revenue of Rs 4,934 crore and net profit of Rs 1,585 crore in FY09.



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