The Reliance Anil Dhirubhai Ambani Group plans to reduce its stake in its telecom tower business, Reliance Infratel Ltd., to 20%-25% from 95%, through sales of stakes to GTL Infrastructure Ltd. and a private equity investor, livemint.com reported Monday, citing two bankers familiar with the plan.
The transactions will combine cash and stock, the website reported the bankers as saying, on condition of anonymity.
The sale will take place in three stages: 54,000 telecom towers operated by Reliance Infratel and 32,000 GTL Infrastructure towers will be hived off into a special purpose vehicle; the SPV will then sell a stake to a private equity investor; the SPV will then issue shares to Reliance Communications Ltd. and GTL Infrastructure shareholders, and subsequently seek a stock market listing, the website reported one of the bankers as saying.
The details are being worked out and a sale could happen in a few weeks, the banker said, the website reported.
Source: Total Tele