Telecom company Reliance Communications is looking to raise about $1.5 billion (Rs 7,500 crore) through an initial public offering (IPO) of its undersea cable unit in Singapore, a source with direct knowledge said on Wednesday.
The debt-laden company, controlled by billionaire Anil Ambani, is planning to list the unit as a business trust and may sell 75% of its stake in the planned IPO, said the source, who declined to be named.
A company spokesman declined to comment on the IPO but said that the company keeps unlocking value from its global assets to benefit its shareholders.
Bloomberg, which first reported the news, said Deutsche Bank is arranging the sale.
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