Reliance Communications (RCOM) has finally announced the list of investors in its tower arm Reliance Telecom Infrastructure Ltd (RTIL). They include Fortress Capital, HSBC Principal Investments, Galleon Group, New Silk Route, GLG Partners, Quantum Fund (George Soros) and DA Capital. The breakup of the investments is not provided. The seven investors have picked up 5 per cent in the company for $337.5 million, valuing the company at $6.75 billion or Rs 27,000 crore.
A communication to the stock exchange said that the "sales proceeds from the transaction amounting to Rs 1,400 crore have been received in full, and the capital gains of Rs 1,200 crore ($289 million) have been booked and will be reflected in the results of Reliance Communications Group in the current quarter, i.e. Q2 2007-08."
RTIL's equity valuation of Rs 27,000 crore ($ 6.75 billion) translates into approximately Rs 135 per RCom equity share. RCOM's remaining 95 per cent stake in RTIL is valued at $6.40 billion (Rs 26,000 crore). But what is important is RCOM plans to further unlock value in RTIL. The statement says the company plans to "pursue opportunities for further unlocking of value through an IPO or strategic sale at an appropriate time".
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