| Topic : Best & Worst Stocks |
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3 comments
223 views
last activity : 07 06 2010 20:18:04 +0000
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The telecoms tower unit of Indian mobile operator Reliance Communications Ltd has revived its initial public offer plan and is looking to raise up to Rs 5,000 crore approximately $1 billion.
Reliance Infratel, 95-per cent owned by the country's No. 2 mobile firm, aims to sell at least 10 per cent stake to help fund its expansion plans, It is said that 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 per cent of the post-issue capital, which media reports had said was looking to raise up to Rs 6,000 crore. But a slump in equity markets worldwide, including in India, forced Reliance Infratel to shelve the plan.
The report said the revived IPO would help ease pressure on the company to raise funds from private equity firms, with whom it has in talks. Recently Indian companies have raised nearly $10 billion in share sales this year, surpassing 2008 volumes which was mainly helped by a 62 per cent rally in the main BSE index this year.
So what are your views people? What kind of impact will it have on the Dalal street?
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