MUMBAI, July 31 (Reuters) - Infotel Broadband Services, owned by India's largest firm by market value Reliance Industries , has raised $500 million in loans from a Royal Bank of Scotland led consortium, a newspaper report said on Saturday, quoting three sources.
The fund raising was completed by June-end, and the cheque has already been presented to Reliance Industries, said a banker, who was one of the three sources, Economic Times reported.
The funds were raised at an interest rate of 250-300 basis points over the London interbank offered rate (Libor) and has a tenure of six years, the newspaper said.
In June, Infotel Broadband became the only company to win a nationwide license for broadband wireless spectrum, and got acquired by Reliance Industries for about $1 billion.
($1=46.40 Indian Rupees)
(Reporting by Ketan Bondre, editing by Miral Fahmy)
((ketan.bondre@thomsonreuters.com; +91 22 6636 9027, Reuters Messaging: ketan.bondre.thomosonreuters.com@reuters.net)) Keywords: INDIA INFOTEL/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The fund raising was completed by June-end, and the cheque has already been presented to Reliance Industries, said a banker, who was one of the three sources, Economic Times reported.
The funds were raised at an interest rate of 250-300 basis points over the London interbank offered rate (Libor) and has a tenure of six years, the newspaper said.
In June, Infotel Broadband became the only company to win a nationwide license for broadband wireless spectrum, and got acquired by Reliance Industries for about $1 billion.
($1=46.40 Indian Rupees)
(Reporting by Ketan Bondre, editing by Miral Fahmy)
((ketan.bondre@thomsonreuters.com; +91 22 6636 9027, Reuters Messaging: ketan.bondre.thomosonreuters.com@reuters.net)) Keywords: INDIA INFOTEL/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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