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RELIANCE COMMUNICATIONS LTD. - Updation on Reliance Infratel Stake Sale
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17 Aug 2015
With reference to the earlier letters dated May 06, 2015, May 20, 2015 &amp; June 29, 2015, Reliance Communications Ltd has now informed BSE that the formal process for sale of a controlling 51% stake in Reliance Infratel was launched a few weeks back, and got a very positive response.&lt;BR&gt;&lt;BR&gt;The Company has received indicative non-binding bids from a number of interested buyers, and has short-listed a smaller number of very credible interested parties to progress to the next round of the process.&lt;BR&gt;&lt;BR&gt;Some of the short-listed bidders have expressed interest to acquire up to 100% of RCOM&apos;s stake in Reliance Infratel.&lt;BR&gt;The due diligence process has now commenced. Further announcements will be made, as and when appropriate.&lt;BR&gt;&lt;BR&gt;The sale proceeds from the proposed transaction are expected to substantially reduce RCOM&apos;s overall gross debt during the current financial year.
View all announcements for RELIANCE COMMUNICATIONS LTD. Source: BSE India