Reliance Files for IPO in Singapore for Its Undersea Cable Unit

On Thursday, Reliance Communications Ltd’s undersea cable unit filed a preliminary prospectus for an initial public offering in Singapore.

According to Reuters, this deal could secure about $1 billion and help the company regarding its debt.

Since March the company has made several unsuccessful attempts to raise the money to cover its $7 billion debt load.

Reliance Communications plans to sell up to 75 percent of its holding in the undersea cable unit.

Reliance Communications expects the unit’s loss to narrow to $14.4 million in the current financial year from about $23 million pro forma loss in the previous fiscal year.

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Subsea World News Staff , July 09, 2012; Image: Nexans