Reliance Telecom Infrastructure to raise Rs 5 ,000-6,000 through IPO at FinGad.com

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Reliance Telecom Infrastructure to raise Rs 5 ,000-6,000 through IPO

Categorie: Emerging Markets
Submitted 9 months ago by

Vipinlara

I have no doubt in my mind that Anil Ambani’s appetite for raising funds from the primary market is insatiable. Not so long ago, Reliance Power completed the country’s biggest public issue and now another company from the group Reliance Telecom Infrastructure (RTIL) is gearing up to raise nearly Rs 5,000-6,000 crore through an initial public offering.Initial signs are that company has decided to file the draft red herring prospectus with the market regulator SEBI this week. The list of merchant bankers appointed for the IPO includes J P Morgan, Enam, UBS and ABN Amro. According to company sources, RTIL will sell nearly 10% of its post-issue share capital through the IPO which will put its valuation more than double of what it achieved in July when it privately placed 5% stake to a group of institutional investors. Point to be noted here is that RTIL is a 95% subsidiary of Reliance Communications (RCOM), sold the stake for Rs 1,400 crore to a host of investors including George Soros, HSBC, Fortress Capital, New Silk, Galleon, DA Capital and GLG Capital in a deal which had put its valuation at Rs 27,000 crore.text-align: just... More...

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