Reliance Communications (RCOM) has announced it intends to list its network infrastructure unit Reliance Infratel on the Bombay and National Stock Exchanges. The nation’s second-largest cellco by subscribers proposes to list about 89.16 million Infratel shares, which will constitute 10.05% of the post-issue paid-up equity capital. The company added that at least 60% of the issue shall be allocated on a proportionate basis to qualified institutional buyers and not less than 30% shall be available for retail individual bidders. The proceeds will be used to fund the development of infrastructure sites and for general corporate purposes.
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