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FINANCIAL NEWS
Etisalat seeks to buy stake in Reliance Communications
02 Jun 2010
(MENAFN) The Times of India reported that Emirates Telecommunications Corporation (Etisalat) is in advanced talks to buy a quarter of Indian mobile carrier Reliance Communications for $3.8 billion.
If the deal is finalized, Etisalat will make an open offer to acquire an additional 20 per cent stake in the second largest Indian mobile operator from the public, the Times of India said, citing market sources.
The equity capital of Reliance Communications would expand by 25 percent if a deal is done, and would reduce the stake of its billionaire owner, Anil Ambani, to about 55 percent from 67.58 percent.
The equity capital of Reliance Communications would expand by 25 percent if a deal is done, and would reduce the stake of Anil Ambani, to about 55 percent from 67.58 percent, the paper said.
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