Reliance Communications has got the market regulator's nod for its planned initial public offering (IPO) of its tower unit, two banking sources with direct knowledge of the development said on Thursday.
A Reliance Communications spokesman confirmed the development when contacted, but he gave no details.
Reliance Infratel had filed with the Securities and Exchange Board of India for the IPO, which sources have said could raise up to USD 1 billion for a 10% stake.
"The regulator has said if you fulfil certain condition, then you are free to go ahead with the IPO, which is the normal procedure," said one banking source.
Source: ReutersCourtesy moneycontrol.com
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