Reliance Jio-led arm acquires Reliance Infratel for about Rs 3,720 crore

23 Dec 2022 , 12:00 PM

Reliance Jio’s arm, Reliance Projects and Property Management Services (RPPMSL), announced on December 22 that it had completed a 100% stake acquisition in Reliance Infratel for approximately Rs3,720 crore.

In November 2019, the Mukesh Ambani-led telecom subsidiary bid Rs3,720 crore to acquire the debt-ridden tower and fibre assets of his younger brother Anil Ambani-managed firm Reliance Communications.

RIL stated in a regulatory filing that Reliance Infratel allotted to RPPMSL 50 lakh equity shares of Rs 10 each for cash, amounting to Rs5 crore, and 372 crore zero coupon optionally fully convertible debentures of Rs10 each for cash, amounting to Rs3,720 crore.

The National Company Law Tribunal (NCLT) has approved RPPMSL’s acquisition of Reliance Infratel earlier in November.

Following that, Reliance deposited Rs3,720 crore in an SBI escrow account to acquire Reliance Infratel’s mobile tower and fibre assets.

On March 4, 2020, the debt-ridden firm’s Committee of Creditors unanimously approved Jio’s resolution plan.

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