Copying and distributing are prohibited without permission of the publisher
Reliance unit gets approval for share sale
14 June 2012
Singapore approves initial public offering by Reliance Communications’ submarine infrastructure
Indian operator Reliance Communications has received approval from the Singapore Exchange Securities Trading to sell shares in its submarine telecommunications infrastructure network unit. The exchange approved an “eligibility to list” only if certain terms and conditions are met.
The operator, led by Anil Ambani, announced in April 2012 that it is planning a public offering through a Singapore business trust of shares in its submarine cable unit, which includes Flag Telecom and Reliance Globalcom.
According to Reuters, the offering will help Reliance Communications to raise over $1 billion and will also help it to reduce debt, which was $7 billion in March 2012. GTB
More from GTB
Reliance to sell 75% of Flag Telecom 20 Mar 2012
Reliance brothers consider peace pact 03 Nov 2011
Reliance unit revamps submarine networks 07 Oct 2011
Reliance expects sale of Indian tower business 18 Aug 2011