R-Infratel eyes $1-bn from PE firms

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New Delhi: Anil Ambani group firm Reliance Infratel is looking to raise about Rs 5,000 crore (close to one billion dollars) through sale of shares, for which it is in talks with a number of private equity firms.

Reliance Infratel, a subsidiary of the group's telecom arm RCOM, is looking to dilute 10-15 per cent stake in a private placement of shares with the PE firms, investment banking sources said.

The company had last year scrapped plans to raise about Rs 6,000 crore through sale of about 10 per cent shares in an IPO due to adverse market conditions.

The company, which owns telecom towers of its parent RCOM, is looking to raise an estimated one billion dollars through the placement of shares and might finalise on the names of potential investors in the coming days, they added.

When contacted, a group spokesperson declined to comment.

The equity sale could value the company at close to seven billion dollars. In a previous private placement of shares, Reliance Infratel had raised Rs 1,400 crore, wherein it dilute five per cent stake to a host of overseas investors.