Reliance Communications has extended the book building period for its Singapore-based, GTI Trust?s initial public offering (IPO), says news reports.
The company has extended the offer for institutional investors up to July 19, 2012. Initially, the offer was scheduled to close on July 16, 2012. The extension has come as a result of mixed response by investors to the issue. GTI Trust has indicated a distribution yield of 9.5 percent to 11.5 per cent for 2013.
As a result of the extension, , GTI Trust?s trade debut has been advanced from July 23, 2012 to July 25, 2012. According to the term sheet, the GTI Trust plans to sell between 642.2 million and 757.6 million units at a price range of $1.09 to $1.32 a unit.
With the GTI Trust IPO, Reliance Communications is looking at raising funds to ease a debt load of $7 billion.
