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Reliance Infratel to file IPO, re-appoints previous advisers

Telecoms infrastructure towers
Telecoms infrastructure towers
Amarchand Mangaldas, Khaitan & Co. and Linklaters Singapore are working to help Reliance Infratel on its initial public offering (IPO), which looks to raise around US$ 1 billion (Rs. 5000 crore) from the market.

Amarchand Mumbai-based capital markets partner Yash Ashar is understood to be heading the domestic advice for the company.

Khaitan & Co Mumbai capital markets partner Vibhava Sawant and Linklaters Allen & Gledhill are acting for the underwriters to the issue as domestic and international counsel respectively.

The Anil Dhirubhai Ambani Group owned company had filed its draft prospectus in February 2008 but postponed the offering due to the slump in the equity markets worldwide.

The same set of advisers have been retained this time around with the company understood to be filling the draft red herring prospectus with SEBI shortly.

Reliance Infratel is 95 per cent owned by telecom tower and infrastructure unit of Reliance Communications, the second biggest mobile firm in the country.

Reliance Communications is looking to shed about 10 per cent of its equity stake to fund its expansion plans.

Reliance Infratel was formed after its demerger from Reliance Communications, which was approved by the Bombay High Court in July 2009. This will be the second largest IPO since the economic downturn after the Rs. 6000 crore IPO by the state-run National Hydroelectric Power Corporation.

The involved firms declined to comment or were unavailable for comment.

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