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RCom may get 20% fresh equity in MTN

Shilpa Mahapatre 5 July 2008

MTN Group is likely to issue 20 per cent fresh equity to Reliance Communications (RCom).

The deal will aid Ambani in attaining a greater power over the company by making him own up to 34.99% stake in the MTN.

However, one of the MTN promoters also seeks a stake in RCom.

The spokespersons of both the entities refused to mention any development, whatsoever.

The shares of RCom rose 12.5 % on the Bombay Stock Exchange.

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