Reliance Communications is planning to raise around $1.5 billion for its undersea cable unit through an initial public offering (IPO) in Singapore. As per the industry sources, the listing is likely to take place between July 2012 and September 2012. Deutsche Bank will be arranging the planned share sale.
In December 2009, the RCOM had planned to raise around $3 billion by selling the undersea cable business. However, the plan was not initiated as the stake had no takers.
According to its website, Reliance Globalcom, the undersea cable unit of RCOM owns the world’s largest private undersea cable system spanning 65,000 kilometres.
