Reliance Infratel, the tower subsidiary of Reliance Communications (RCOM), is planning to file a draft Red Herring Prospectus for its proposed Initial Public Offer (IPO) of around Rs 5,000 crore.
The company is likely to raise $1 billion (approx Rs 4,902 crore) by offloading a minimum of 10 per cent stake. The proceeds are likely to be used for its expansion plans, including expansion of its portfolio of telecom towers.
In 2008, SEBI had approved Reliance Infratel's proposed IPO. However, owing to the tumultuous market scenario, the process was put on hold.
Source : ProjectsToday
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