MUMBAI, Sept 2 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
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
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.
(Reporting by Ami Shah; Editing by Ranjit Gangadharan)