Thursday May 15, 11:54 AM
India's Reliance Infratel gets regulatory nod for IPO - source UPDATE
(Adds the names of private equity investors holding a stake in company)
MUMBAI (Thomson Financial) - India's Reliance Infratel Ltd., the tower business division of wireless telecom operator Reliance Communications Ltd., has received approval from market regulator the Securities and Exchange Board of India for an initial public offer (IPO), company sources said.
Reliance Communications holds 95 percent in Reliance Infratel and the rest is held by private equity investment companies, Fortress Capital, HSBC Principal Investments, Galleon Group, New Silk Route, GLG Partners, George Soros's Quantum Fund and DA Capital.
Reliance Infratel will offer about 89.16 million of its shares, comprising 10.05 percent of its post-issue paid-up equity capital.
At least 60 percent of the issue will be allocated on a proportionate basis to qualified institutional buyers and not less than 30 percent will be available to retail individual bidders.
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