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TTA scoops $1bn R-Com deal with S&R, Jones Day for banks

Talwar Thakore & Associates (TTA) are advising Anil Ambani’s debt-ridden Reliance Communications (R-Com) in raising up to Rs 6,100 crore ($1bn) by selling shares through Qualified Institutional Placement (QIP) and the sale of warrants.

S&R Associates and Jones Day advised the lead managers to the issue.

TTA capital markets partner Rahul Gulati is understood to have acted for India’s fourth largest mobile phone operator.

S&R Associates partners Sandip Bhagat and Bhakta Patnaik and Jones Day Singapore capital markets partner Manoj Bhargava are understood to be acting for the banks – CLSA India, JP Morgan India, Axis Capital, Edelweiss Financial Services and Macquarie Capital (India).

In 2009 Amarchand Mangaldas had acted for R-Com subsidiary Reliance Infratel on its initial public offer.

R-Com, according to Mint, had targeted to raise Rs 3,000 crore through the QIP and the rest through sale of share warrants. R-Com is now expected to retain Rs 4,800 crore from the share sale after receiving bids worth over Rs 1,200 crore to date, and an additional Rs 1,300 crore from warrants, reported the Economic Times.

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