Reliance Communications has got approval from the market regulator for an initial public offer of 10 percent of its telecom tower unit, two people familiar with the development said on Thursday.
One source said the IPO could raise up to $1.4 billion.
"The comments have come from the SEBI," a banking source with direct knowledge of the deal said. "That means the company can go ahead with the IPO, taking into account the comments."
He did not give details of the comments from the Securities and Exchange Board of India (SEBI).
A spokesman for SEBI could not be reached immediately.
Reliance Communications, part of the Anil Dhirubhai Ambani Group, has said it planned to sell 89.2 million shares in Reliance Infratel, or 10.05 percent of the post-issue capital, in the IPO.
Reliance Infratel owns mobile towers and other infrastructure.
"SEBI has approved the prospectus. Now it will go to the Registrar of Companies," said a second source, who also had direct knowledge of the issue.
"Plans are to raise 50-60 billion rupees ($1.2-$1.4 billion)," he said.
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