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Brookfield to invest Rs. 25,215 crore in units of RIL's tower infrastructure trust

Posted On: 2019-07-19 22:26:13

Reliance Industrial Investments and Holdings Limited ("RIIHL"), a wholly-owned subsidiary of Reliance Industries Limited ("RIL"), has entered into an agreement with BIF IV Jarvis India Pte Limited, an affiliate of Brookfield Asset Management Inc. ("Brookfield") for an investment by Brookfield (along with coinvestors) of Rs. 25,215 crore in the units proposed to be issued by the Tower Infrastructure Trust ("Trust") in accordance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. Brookfield's investment is subject to conditions precedent, including receipt of requisite government and regulatory approvals.

RIIHL is the Sponsor of the Trust and the Trust currently holds 51% of the issued and paid up equity share capital of Reliance Jio lnfratel Private Limited ("RJIPL") to which the tower assets undertaking of Reliance Jio lnfocomm Limited ("RJIL") was transferred as a going concern pursuant to a scheme of arrangement sanctioned by NCL T, Ahmedabad bench.

Proceeds from the investment by Brookfield will be used to repay certain existing financial liabilities of RJIPL and acquiring the balance 49% of equity share capital of RJIPL, currently held by RIL.

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1249 as compared to the previous close of Rs. 1261.8. The total number of shares traded during the day was 322482 in over 14090 trades.

The stock hit an intraday high of Rs. 1271 and intraday low of 1243. The net turnover during the day was Rs. 405307998.


Source: Equity Bulls

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