Reliance Infratel, the tower arm of Reliance Communication on Thursday received an approval from the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise money for its tower business.
The company has received the approval to raise about Rs 5,000 crore through an IPO to increase its current tally of 50,000 towers, the company will offer 10% equity through a proposed issuance of 15.6 crore shares.
Reliance Infratel, in which RCom owns 95% and balance 5% is held by seven institutional investors, also has an optic backhaul infrastructure across 25,000 towns and 6 lakh villages.
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