Reliance Files for IPO in Singapore for Its Undersea Cable Unit
On Thursday, Reliance Communications Ltd’s undersea cable unit filed a preliminary prospectus for an initial public offering in Singapore.
According to Reuters, this deal could secure about $1 billion and help the company regarding its debt.
Since March the company has made several unsuccessful attempts to raise the money to cover its $7 billion debt load.
Reliance Communications plans to sell up to 75 percent of its holding in the undersea cable unit.
Reliance Communications expects the unit’s loss to narrow to $14.4 million in the current financial year from about $23 million pro forma loss in the previous fiscal year.
Subsea World News Staff , July 09, 2012; Image: Nexans
