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GIL to raise funds for financing its deal with RCOM (India)

July 15, 2010
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GTL Infrastructure Limited (GIL) will be raising funds through a combination of equity and debt to finance its recent deal with Reliance Communications (RCOM). It is in talks with private equity investors including Blackstone for the equity component, while the debt will be organised by Standard Chartered Bank and SBI Capital Markets. Under the deal, 54,000 telecom towers operated by Reliance Infratel and 32,000 towers operated by GIL will be spun off into a special purpose vehicle (SPV). GIL will pay RCOM about Rs 150 billion in cash and issue new shares of the SPV to RCOM's shareholders.

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