India?s second largest wireless carrier Reliance Communications, controlled by Anil Ambani, may raise about Rs 4,000 crore via a combination of strategic stake sale and qualified institutional placement of shares, investment banking sources said on Wednesday.
Reliance Communications is in early talks with a slew of overseas banks and is likely to sell shares to large investors at Rs 200-210 per share, or a premium of 8-13% over current market price, a person familiar with the negotiations said on condition of anonymity.
He expects the wireless carrier to raise about Rs 2,000 crore by selling shares to institutional investors and the balance via stake sale to strategic investors.
On Wednesday, Reliance Communications shares rose nearly 3% intra-day on hopes the company will raise funds soon to deleverage its balance sheet.
However, when contacted, Reliance Communications spokesman Gaurav Wahi declined to comment on the development. ?There is nothing official to disclose at this point,? Wahi said. Syed Safawi, president of the company?s wireless business, did not respond to text messages.