Indian mobile network operator Reliance Communications (RCom), which has about US$7bn in debt, plans to list its undersea cable assets in Singapore, according to a Reuters report.
Citing two sources close to the matter, the newswire explained that RCom…
Indian mobile network operator Reliance Communications (RCom), which has about US$7bn in debt, plans to list its undersea cable assets in Singapore, according to a Reuters report.
Citing two sources close to the matter, the newswire explained that RCom is eyeing US$1.5bn in the IPO of 75% of the cable unit, which is operating under the Flag brand.
Deutsche Bank has reportedly been hired to manage the listing, which is expected to take place between July and September this year.
RCom did not respond to a request for comment before the press deadline.
RCom has been struggling with US$7bn worth of liabilities for several months now but has so far failed to sell its tower unit Infratel, which would allow it to cut down its debt load.
Yesterday, it announced that it has secured US$1.18bn worth of loans to refinance its outstanding foreign currency convertible bonds (FCCBs) due for redemption on 1 March 2012.
The banks providing the funding include Industrial and Commercial Bank of China (ICBC), China Development Bank (CDB), and Export Import Bank of China (EXIM).
