Reliance
Communications announced it received formal offers from companies to buy stake
in Reliance Infratel.
The
board of directors of Reliance Communications (RCOM) was informed of the
receipt of formal indicative offers from several interested parties, for the
acquisition of RCOM’s controlling interest in Reliance Infratel, its passive
infrastructure subsidiary, according to a press release from Reliance
Communications.
The board noted that, based on the indicative offers, completion of such a
transaction would facilitate RCOM’s stated objectives of achieving a
substantial reduction of its overall debt position, and staying well within its
target long term leverage ratios.
The
board has approved taking the process to the next stage of detailed due diligence,
etc., with a view to completing such a potential transaction at the earliest.
According
to the press release, this is only a preliminary disclosure, and any such
potential transaction is subject to appropriate due diligence, negotiations,
documentation, approvals, etc.
By TelecomLead.com Team
