Reliance Communications likely to launch up to $500 mn share sale
24/06/2014 16:43
Indian mobile phone carrier Reliance Communications Ltd is set to launch as early as Tuesday an up to USD 500 million share sale to institutional investors, people directly involved in the deal said, as per the PTI report. Reliance Communications, headed by billionaire Anil Ambani, had as of end-March a net debt of Rs 40,178 crore, or more than five times its operating profit, making it the most-leveraged among listed Indian carriers. Reliance Communications has plans to spend about Rs 2,000 crore on its network during the current financial year to March 2015. The carrier will also need to buy airwaves by next year to renew its permits in several zones.
24/06/2014 16:43
Indian mobile phone carrier Reliance Communications Ltd is set to launch as early as Tuesday an up to USD 500 million share sale to institutional investors, people directly involved in the deal said, as per the PTI report. Reliance Communications, headed by billionaire Anil Ambani, had as of end-March a net debt of Rs 40,178 crore, or more than five times its operating profit, making it the most-leveraged among listed Indian carriers. Reliance Communications has plans to spend about Rs 2,000 crore on its network during the current financial year to March 2015. The carrier will also need to buy airwaves by next year to renew its permits in several zones.
