Hope to sell telecom towers arm soon: Ambani
September 27th, 2011 - 5:30 pm ICT by IANSMumbai, Sep 27 (IANS) Reliance Communications is in advanced stages of talks to sell its stake in its towers infrastructure subsidiary, while the promoters want to raise their holding in the company to 75 percent, chairman Anil Ambani said Tuesday.
Addressing the annual general meeting of the company here, Ambani said when the deal is concluded to sell stake in the Reliance Infratel, the towers arm, it would be the largest deal in private equity space in India.
“I am sure that we will be able to move forward expeditiously,” Ambani said.
Regarding hiking their stake, Reliance Group promoters held 67.86 percent equity in the company as in June, as per information available with the Bombay Stock Exchange. But that will have to wait the new takeover norms of markets watchdog.
The news, nevertheless, had a positive impact on the shares of the company, which rose nearly 4.5 percent at Rs.81.85 Tuesday. It later dropped a bit to settle around Rs.80.
- Anil Ambani talks of unlocking shareholder value (Roundup) - Sep 27, 2011
- Reliance Communications examining sale of controlling stake in arm - May 31, 2011
- Reliance Infratel asks S Tel to pay dues, TDSAT issues notice - Mar 05, 2012
- RCom calls off tower deal with GTL Infra - Sep 06, 2010
- Reliance Capital mulling bonus, banking entry: Ambani - Sep 27, 2011
- RIL calls off acquisition of Bharti AXA - Nov 25, 2011
- Reliance Mutual looking for foreign partners to go global - Oct 02, 2011
- Reliance MediaWorks ups stake in Fame India to 15.77 percent - Jul 07, 2010
- Reliance Capital consolidated net profit rises 9 percent - May 30, 2011
- Sensex tumbles 272 points over Japan disaster, rate hike worries (Roundup) - Mar 15, 2011
- RIL acquires 14.12 percent in East India Hotels - Aug 30, 2010
- Reliance Capital pact with Nippon in areas beyond insurance - Sep 01, 2011
- Reliance Life exploring strategic equity partner among banks - Jul 20, 2011
- R-Com looks at investor, public issue for tower arm - Sep 28, 2010
- R-COM revenues up, but profit down on forex adjustments - Aug 13, 2010
Tags: annual general meeting, bombay stock exchange, group promoters, India, infrastructure, norms, private equity, reliance group, stake, subsidiary, takeover, telecom, towers arm, watchdog