The market regulator has approved the proposal of Reliance Communications for an initial public offer of 10 per cent of its telecom tower unit. According to sources the IPO could raise up to $1.4 billion. “The comments have come from the SEBI,” a banking source with direct knowledge of the deal said. Taking into
account the comments, now the company can go ahead with the IPO. He did not give details of the comments from the Securities and Exchange Board of India (SEBI).

The sources has informed that SEBI could not be reached immediately. Reliance Communications, part of the Anil Dhirubhai Ambani Group, has already planned to sell 89.2 million shares in Reliance Infratel, or 10.05 percent of the post-issue capital, in the IPO.SEBI has approved Reliance Infratel prospectus, which owns
mobile towers and other infrastructure. And thier plan is to raise Rs 5000-6000 crore($1.2-$1.4 billion).

Categories: Business, IT sector
Tags: issue, market, Reliance, Reliance Communications, telecom