Reliance Communications brings equity blockbuster

The cellular operator completes India's largest ever private sector corporate equity deal in rupee terms amid a growing rapprochement between the Ambani brothers.
Anil Ambani (left) and his brother Mukesh
Anil Ambani (left) and his brother Mukesh

Anil Ambani's Reliance Communications RCOM raised Rs61 billion $1.017 billion on Wednesday via an accelerated qualified institutional placement QIP and warrants issue. 

The deal, led by CLSA and JPMorgan, represents the largest ever equity deal by a private sector Indian corporate in rupee terms. 

On the surface its success seems surprising given the number of times RCOM has tried and failed to raise equity over the past few years in an effort to bring down its high leverage ratios. 

However, the current deal was extremely well timed. It has not only ridden on the back of post election euphoria,...

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