Reliance’s GTI Trust to Sell Its Stock to Four Funds (India)
According to BusinessWeek, Temasek Holdings Pte and China Investment Corp. agreed to invest in Global Telecommunications Infrastructure Trust’s initial public offering in Singapore.
The undersea cable unit of Reliance Communications Ltd., GTI Trust (GTI), is selling $250 million to $300 million of stock to four sovereign wealth funds.
The offer is a part of the initial public offering (IPO). They have relied on large investors, including sovereign wealth funds, for IPO fundraising in Asia as volatile stock markets made offers more difficult to complete.
In Singapore a total amount of $824 million was raised this year, compared to almost $7 billion in the first half of 2011.
Reliance is attempting to sell assets in order to lower it debt which, at the end of March, was $6.5 billion.
Deutsche Bank AG, DBS Group Holdings Ltd., Industrial & Commercial Bank of China (601398) Ltd. and Standard Chartered Plc are arranging the offering.
Subsea World News Staff , July 19, 2012; Image: Nexans