MUMBAI, Sept 2 (Reuters) - The telecoms tower unit of Indian mobile operator Reliance Communications Ltd (RLCM.BO) has revived its initial public offer plan and is looking to raise up to 50 billion rupees ($1 billion), the Business Standard reported on Wednesday.
Reliance Infratel, 95-percent owned by the country's No. 2 mobile firm, aims to sell at least 10 percent stake to help fund its expansion plans, the newspaper said, citing unnamed sources close to the development.
It said the company would file the draft prospectus within a week.
In February last year, the company had filed a prospectus with the regulator seeking to offer 10.05 percent of the post-issue capital, which media reports had said was looking to raise up to 60 billion rupees.
But a slump in equity markets worldwide, including in India, forced Reliance Infratel to shelve the plan.
The Business Standard said the revived IPO would help ease pressure on the company to raise funds from private equity firms, with whom it has in talks.
A Reliance Communications spokesman declined comment on the report.
Indian companies have raised nearly $10 billion in share sales this year, surpassing 2008 volumes, helped by a 62 percent rally in the main BSE index .BSESN this year.
State-owned energy explorer Oil India Ltd is set to launch an IPO next week to raise up to 27.8 billion rupees, while private-sector shipbuilder Pipavav Shipyard Ltd is expected to start roadshows later this month for about 5 billion rupees. ($1=49 rupees) (Reporting by Ami Shah; Editing by Ranjit Gangadharan)
Trending On Reuters
The death toll from Nepal's earthquake could reach 10,000, the prime minister Sushil Koirala said, as residents frustrated by the government's slow response used their bare hands to dig for signs of their loved ones. Full Article | Pictures