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The IPO which has opened today sets price range of $1.09-$1.32
Anil Ambani-controlled Reliance Communications (RCom) has set an indicative price range for the Singapore initial public offering of its undersea cable unit-Flag Telecom-that could raise as much as $1 billion and help the parent reduce its debt load, according to a Reuters report.
RCom is looking at listing Flag Telecom through a Singapore business trust, Global Telecommunications Infrastructure Trust (GTIT) on the Singapore Stock Exchange.
RCom is hoping its debt, which stood around $7 billion as of March 2012, through the overseas listing. The company's earlier attempts to raise funds by offloading some assets were unsuccessful.
On 12 June 2012, the Singapore Exchange Securities Trading had granted an "eligibility to list" to GTIT, subject to requisite conditions being satisfied. The IPO is expected to raise about Rs5,000-Rs6,000 crore for the company.
RCom has appointed Deutsche Bank, DBS Singapore, Standard Chartered and Industrial and Commercial Bank of China as bankers to the issue.
The IPO which has opened today will close on 16th July. The listing is set for 3rd July and the listing currency is US dollars.