Anil Ambani, the head of Anil Dhirubhai Ambani Group (ADAG), in an Annual General Meeting of Reliance Communications said ADAG would file draft red herring prospectus (DRHP) of Reliance Infratel with the Securities and Exchange Board of India (SEBI) and would offer 10% of it’s equity to investors.
Ambani said that Reliance Communications (RComm) had revolutionised the telecom market. “The company will hold 85% in Reliance Infratel post initial public offer (IPO).” RComm has also made a public deal with Aircel for tower sharing.
Reliance Infratel, Ambani said, had revenues of Rs 4,934 crore in FY09. “We currently have 48,000 towers and 75,000 tenants. The tenancy for Reliance Infratel will double by 2012,” he added.