According to reports Anil Ambani's Reliance Communications, has filed initial papers on the Singapore Stock Exchange to raise up to $1.5 billion through an initial public offering.
The transaction is likely to be completed by the second week of May, as per reports, citing the prospectus filed on Friday.
Reliance Communications, India's second-largest mobile firm by users, has long been trying to raise funds by selling assets to cut its debt - $6.9 billion as of December.
The company plans to sell 75% of the wholly-owned unit, said.
Deutsche Bank, DBS of Singapore, Standard Chartered and Industrial & Commercial Bank of China are managing the issue, it said.
At 10.17 am, Rcom was trading at Rs93.60, up by 1.68%, with a volume of 5.25 lakh shares on the BSE.
....more info
The transaction is likely to be completed by the second week of May, as per reports, citing the prospectus filed on Friday.
Reliance Communications, India's second-largest mobile firm by users, has long been trying to raise funds by selling assets to cut its debt - $6.9 billion as of December.
The company plans to sell 75% of the wholly-owned unit, said.
Deutsche Bank, DBS of Singapore, Standard Chartered and Industrial & Commercial Bank of China are managing the issue, it said.
At 10.17 am, Rcom was trading at Rs93.60, up by 1.68%, with a volume of 5.25 lakh shares on the BSE.
....more info