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MUMBAI, June 24 (Reuters) - Indian mobile phone carrier Reliance Communications Ltd is set to launch as early as Tuesday an up to $500 million share sale to institutional investors, people directly involved in the deal said.
Reliance Communications, headed by billionaire Anil Ambani, had as of end-March a net debt of 401.78 billion rupees ($6.7 billion), or more than five times its operating profit, making it the most-leveraged among listed Indian carriers.
Reliance Communications has plans to spend about 20 billion rupees on its network during the current financial year to March 2015. The carrier will also need to buy airwaves by next year to renew its permits in several zones.
A Reliance Communications spokesman declined to comment on the share sale. ($1 = 59.7000 Indian Rupees) (Reporting by Devidutta Tripathy and Abhishek Vishnoi; Editing by Sunil Nair)