RCom is looking at listing Flag Telecom through a business trust, Global Telecommunications Infrastructure Trust on Singapore Stock Exchange
New Delhi: Reliance Communications Ltd (RCom) on Thursday said it has filed a preliminary prospectus with the regulator Monetary Authority of Singapore for listing its undersea unit, Flag Telecom, in Singapore, reports PTI.
RCom is looking at listing Flag Telecom through a Singapore business trust, Global Telecommunications Infrastructure Trust (GTIT) on the Singapore Stock Exchange.
The Monetary Authority of Singapore is Singapore's central bank and financial regulatory authority.
"The business trust, GTIT, has lodged a copy of the preliminary prospectus with the Monetary Authority of Singapore," RCom said in a statement.
On 12 June 2012, the Singapore Exchange Securities Trading Ltd 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 on 10 April 2012 announced that it was evaluating a potential IPO and listing in Singapore of its subsea telecommunications infrastructure network business.
RCom had appointed Deutsche Bank, DBS Singapore, Standard Chartered and Industrial and Commercial Bank of China as bankers to the issue.
Flag Telecom was acquired by the then undivided Reliance Group for $207 million (less than Rs1,000 crore) in 2003.
As part of the telecom portfolio of the erstwhile Reliance group, Flag Telecom later came into the fold of Anil Ambani-led group after the split between two Ambani brothers.
In recent past, RCom has been exploring various routes of raising funds, including selling stake in its telecom tower arm Reliance Infratel, a move that will help the company retire a major chunk of debt on its books.
As of 31 March 2012, the company has a net debt of Rs35,839.3 crore on its books.
Uptrend to continue with pauses
The range-bound market saw a sharp rise in the noon session on positive news from the government. The development ensured a green close for the third straight day. We had mentioned that uptrend on the Nifty will continue to the level of 5,450, subject to dips. We maintain the stance. Today the benchmark made a higher high and a higher low and closed in the positive. The National Stock Exchange (NSE) saw a higher volume of 78.92 crore shares.
The Indian market opened flat with a mixed bias in the absence of cues from the US markets, which were closed on Wednesday for the Independence Day holiday. Investors also awaited policy decisions from the European Central Bank, which are expected later today. The Nifty opened six points down at 5,297 and the Sensex resumed trade at 17,478, up 15 points over its previous close.
The indices fell to their intraday lows in initial trade itself on profit booking tracking a mixed trend across Asia. At the lows the Nifty went back to 5,289 and the Sensex fell to 17,423. The market was range-bound amid volatile trade in subsequent trade.
Meanwhile, the rupee recovered marginally in mid-morning trade and was seen at 54.90 to a dollar, after breaching the 55 level earlier. The Indian currency had closed at 54.49 on Wednesday.
Select buying lifted the indices into the positive in late morning trade. The market witnessed a sharp rise in the in the noon session following reports quoting Mauritius foreign ministry officials that the Indian government will not take any steps which would hinder Mauritius economic interests. This apart, the finance ministry is working on a proposal to reduce the incidence of withholding tax on external commercial borrowings (ECB) to encourage Indian companies to raise funds from overseas markets.
These developments helped the market hit its intraday high in the post-noon session. At this point, the Nifty climbed to 5,331 and the Sensex surged to 17,563. The market came off the highs as investors booked profits at higher levels.
The benchmarks settled off the highs with the Nifty gaining 25 points at 5,327 and the Sensex at 17,539, up 76 points over its Friday’s close.
The Asian pack closed mixed as investors awaited the outcome of the ECB policy meeting. Analysts opine that the central bank is likely to cut rates in a bid to spur growth in the crisis-ridden continent.
The Hang Seng gained 0.50%; the KLSE Composite added 0.04%; the Straits Times climbed 0.77% and the KOSPI Composite rose 0.06%. On the other hand, the Shanghai Composite declined 0.50%; the Jakarta Composite fell by 0.15%; the Nikkei 225 slipped 0.27% and the Taiwan Weighted declined 0.47%.
At the time of writing, two of the three key European indices were in the green while the US stock futures were mixed with a negative bias.
Back home, foreign institutional investors were net buyers of shares totalling Rs239.19 crore on Wednesday while domestic institutional investors were net sellers of equities amounting to Rs161.77 crore.
There are 969 debtors who defaulted in repaying loans over Rs10 crore each, adding up to around Rs27,000 crore of the Rs1 lakh crore total defaults of nationalised banks
Thane: Over 49 lakh debtors have defaulted in repaying loans totalling more than Rs1 lakh crore from various nationalised banks in the country, an RTI query has revealed, reports PTI.
The information was provided by individual banks to Om Prakash Sharma, an RTI activist and a former National Council member of BJP.
The State Bank of India tops the list accounting for 32% of the total defaulted amount and 36.3% of the defaulters.
A compilation of the information received indicated that the debtors numbered 49.2 lakh and the defaulted amount was to the tune of Rs1.0 lakh crore.
The State Bank of India has a total of 17.9 lakh defaulters and the amount involved is Rs32,534 crores.
Punjab National Bank stands second with Rs9,632 crores in default, accounting for 0.1% of the total defaulted amount, followed by Union Bank of India where the debtors have not repaid Rs7,615 crore.
As regards the number of defaulters, Union Bank of India comes second with a total of 5.50 lakh defaulters followed by Bank of India which has 3.43 lakh defaulters.
There are six banks where the defaulted amount is between Rs3,000 and Rs4,000 crore, four banks where it is between Rs2,000 and Rs3,000 crore, seven where default is between Rs1,000 and Rs2,000 crore and three with less than Rs1,000 crore.
It was revealed that there were 969 debtors who defaulted in repaying loans over Rs10 crore each, adding up to around Rs27,000 crore.
The State Bank of India has 370 Non-Performing Assets, while Bank of India has 139 and Union Bank of India 93.