RCom unit gets 'in-principle' nod for IPO

The undersea cable unit of Reliance Communications (RCom) has received an "in-principle" approval from the Singapore stock exchange for its initial public offering of shares, a source with direct knowledge of the situation said.

Proceeds from the listing of the unit will be about Rs 7,000 crore, said the source, declining to be named as details of the deal are not public yet. The source said the listing would take place in the current quarter.