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Tuesday, April 22, 2008

Clarifications sought on Reliance Infratel’s IPO

SEBI has sought clarifications from Anil Dhirubhai Ambani Group on its proposed initial public offering of Reliance Infratel, the telecom tower business arm.

Clarifications have been sought on the company’s business operations, promoters and promoters group, scheme of arrangement and board of directors of Reliance Infratel, the Minister of State for Finance, Mr P.K. Bansal, told the Rajya Sabha in a written reply.

Reliance Infratel had proposed to raise Rs 6,000 crore through the offer, with an issue of 8.91-crore shares, representing about 10.05 per cent equity in Reliance Infratel.

Reliance sources said that the queries may be routine in nature, reports The Hindu Business Line.

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