Infotel raises $500 mn from RBS consortium: report

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, said another report.

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.

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