Reliance Communications Ltd has informed the BSE that the board of directors of the company at its meeting held on September 22 has approved the proposal by Reliance Infratel Ltd, a subsidiary of Reliance Communications Ltd, to undertake an Initi al Public Offering of equity shares of the company. The net issue will constitute 10.0% of the post-Issue paid-up equity capital of the company. The draft red herring prospectus for the IPO will be filed by Reliance Infratel Ltd with SEBI shortly.
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