Reliance Communications’ (RCOM) tower subsidiary, Reliance Infratel, has revived its plans for listing on the stock exchange, and has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India. The company plans to sell 10 per cent of its equity (156 million shares) through its initial public offering (IPO) and raise about Rs 50 billion. The funds will be used to pay off debt, undertake expansion initiatives and for joint ventures and acquisitions. JM Financial, JP Morgan, Deutsche Bank, Enam Securities, HSBC, ICICI Securities, Macquarie and UBS have been appointed as the managers for the IPO.
