RCom plans Singapore IPO for cable arm
NDTV
The underseas cable arm of Indian mobile giant Reliance Communications has filed a prospectus for an IPO in Singapore in a step that could raise $1 billion for its debt-strapped parent. Reliance Communications, which has long been seeking to raise funds to cut its hefty debt burden of around $7 billion, said in a statement it would "provide subsequent updates to the stock exchanges in due course." Last month Singapore authorities said Reliance could list its underseas unit on the Singapore stock exchange as a trust. The appeal of such trusts lies in regular dividend flows. Reliance's new Global Telecommunications Infrastructure Trust has now filed the prospectus with the Monetary Authority of Singapore.