Quippo won’t sell more than 10% stake

Quippo won’t sell more than 10% stake

Mumbai: Quippo Telecom Infrastructure Ltd, India’s third largest telecom tower company, is not looking to sell more than 10% equity to private equity investors, vice-chairman and managing director Sunil Kanoria said.

“We are not looking at diluting more than 10% and primarily we are looking at raising equity for releasing our debt which we had raised for the acquisition. We will do it at the right valuation and the price," Kanoria said on the sidelines of a conference in Mumbai.

He declined to say when Quippo would seek to raise money from the capital market.

Kanoria also said that selling equity in the company wasn’t a priority as it had other options of raising capital. He also said that Quippo was still interested in buying Aircel Ltd’s tower business.

People familiar with the development had earlier said that Aircel had put up its 17,000-strong tower business on sale. Its tower business is expected to be valued between $1.8 billion (around Rs8,388 crore) and $2 billion, they said on condition of anonymity.