(MENAFN) India's Reliance Communications Ltd hopes the Singapore initial public offering (IPO) of its undersea cable unit to raise USD1 billion, reported Reuters.
The company has set an indicative price range for the IPO, whose proceeds are expected to help slash the company's debt load of USD7 billion as of March.
Global Telecommunications Infrastructure Trust (GTIT), which is structured as a business trust, aims at selling between 642.2 million and 757.6 million units at a price range of USD1.09 to USD1.32 per unit.
Thus, the distribution yield will be between 9.5 percent and 11.5 percent for next year, moreover, the size of the base offering will range from USD700 million to USD1 billion.
It is worth noting that so far, Reliance has failed a number of attempts to raise money by selling assets, in order to reduce debt.
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