Reliance Communications sells 5% of towers unit

The private placement implies a valuation that is at least 50% above analyst expectations.

Indian telecom services provider Reliance Communications RCom has sold a 5% stake in the unit that owns its telecom towers to a group of institutional investors at a price that was sharply above what the market expected.

The price tag of Rs14 billion $337.5 million values the entire unit at $6.75 billion and sets a powerful benchmark for a planned initial public offering that, according to RComÆs chairman, will take place ôin the near futureö. The listing, he said yesterday,...

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