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| Exchange Disseminated Time 17/08/2015 14:50:56 | With reference to the earlier letters dated May 06, 2015, May 20, 2015 & 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.
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.
Some of the short-listed bidders have expressed interest to acquire up to 100% of RCOM's stake in Reliance Infratel.
The due diligence process has now commenced. Further announcements will be made, as and when appropriate.
The sale proceeds from the proposed transaction are expected to substantially reduce RCOM's overall gross debt during the current financial year. |
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