RCom divests five per cent in RTIL for Rs. 14 billion

RCom divests five per cent in RTIL for 14 billion

Friday, 20 July 2007, 07:00 Hrs
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Mumbai: Reliance Telecom Infrastructure Ltd (RTIL) has sold a five percent of its 270 billion telecom tower business, through a placement to leading institutional investors from the US, Europe and Asia, for 14 billion.

RTIL Chairman Anil Ambani also indicated that his company may unlock more value through a possible IPO, further placements, strategic equity placements at a press meet convened here Thursday.

"Our strategy to create a separate company for the infrastructure business has resulted in tremendous unlocking of value for our shareholders. We hope to continue to take this process forward," he said.

He also said that the amount raised was much more than previously anticipated.
Source: IANS
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