Anil Ambani's debt-ridden company Reliance Infratel was bought by elder brother Mukesh Ambani

Reliance Projects and Property Management Services Limited (RPPMSL), a subsidiary of Reliance Jio, has acquired 100 per cent stake in Anil Ambani's debt-ridden company Reliance Infratel for about Rs 3,725 crore. Reliance Industries Limited gave this information on Thursday. Billionaire businessman Mukesh Ambani-led Jio had in November 2019 bid for Rs 3,720 crore to acquire the tower and fiber assets of the debt-ridden subsidiary of Reliance Communications.

The National Company Law Tribunal (NCLT) had in November approved RPPMSL to acquire Reliance Infratel (RITL). RIL told the stock market that RITL on Thursday allotted 50 lakh equity shares of face value of Rs 10 each to RPPMSL. In addition, 372 crore zero coupons were issued, which are optionally fully convertible into debentures of Rs.10 each. The deal was done for Rs 3,720 crore.

According to the information given to the stock market, “The existing paid-up equity share capital of RITL has been cancelled. After this, 100 percent equity share capital of RITL has come to RPPMSL. Reliance had deposited Rs 3,720 crore in SBI Escrow account for the acquisition of mobile tower and fiber assets of Reliance Infratel.