RCom receives "positive" response from buyers for tower stake sale
17 Aug 2015
Reliance Communications (RCom, says it has received a ''positive'' response for the formal sale of a 51-per cent stake in its tower subsidiary Reliance Infratel.
The company said it had shortlisted a number of credible companies for the next round and has begun due diligence for the sale.
The stake sale was launched a few weeks backs, the company said in a regulatory filing.
Some of the short-listed bidders have expressed interest in acquiring up to 100 per cent of RCom's stake in Reliance Infratel, it said, adding ''further announcements will be made as and when appropriate,'' it said.
RCom plans to utilise the proceeds from the sales to substantially reduce RCom's overall gross debt during the current financial year, it added.
Reliance Infratel, which operates more than 45,000 mobile towers, had a net debt of Rs38,596 crore as of 30 June 2015, up from Rs36,726 crore recorded in the fourth quarter.
The Anil Ambani-controlled had posted a consolidated net profit of Rs177 crore in the first quarter, a 34 per cent rise, compared with Rs132 crore recorded during the same quarter a year ago.
Shares in RCom closed up 2.13 per cent at Rs62.20 on the BSE.