Reliance Infratel files DRHP with SEBI
Reliance Infratel is a subsidiary of Reliance Communications. The ADAG company [Anil Dhirubhai Ambani Group] will dilute 10% stake and JP Morgan, UBS, Enam and ABN Amro are among the appointed merchant bankers for this issue.
Reliance Infratel is planning to tap the capital market with an initial public offering of 8,91,64,100 equity shares of Rs 5 each for cash at a premium to be decided through the 100% book building process. The company has filed its Draft Red Herring Prospectus [DRHP] with the Securities and Exchange Board of India [SEBI] today.
The issue constitutes 10.05% of the post-issue paid-up equity capital of the company. 60% of the issue is allocated on a proportionate basis to qualified institutional buyers, of which 5% will be available only to mutual funds. 30% of the issue is reserved for retail investors and the remaining 10% is available to non-institutional bidders.
The company is into the business of building, owning, and operating telecommunication towers and related assets at designated sites. It also provides passive telecommunication infrastructure assets, on a shared basis, to wireless and other communications service providers under long-term contracts. These customers use space on the company’s telecommunication towers to install active communication-related equipment to operate their wireless communications networks.
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