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Reliance Globalcom Will Soon IPO In Singapore

According to sources, Reliance Communications is planning an initial public offering (IPO) of Reliance Globalcom in Singapore. Reliance may sell 75% stake in this company, through which Reliance Communications is looking forward to raising up to $1.5 billion. The company has a debt of nearly Rs 32,000 crore by the end of September 2011. To clear it, RCom has been exploring ways of raising funds, including selling stake in its telecom tower arm, Reliance Infratel.

Reliance Globalcom is planning an IPO in Sinagpore

Reliance Globalcom is planning an IPO in Sinagpore

It has been announced that three leading Chinese banks, Industrial and Commercial Bank of China (ICBC), China Development Bank (CDB) and Export Import Bank of China (EXIM) have agreed to refinance company’s foreign loans worth Rs 6,125 crore. An earlier deal made to sell stake to tower major GTL Infrastructure for $11 billion ( 50,000 crore) wasn’t much of a success.

RCom has a networth of Rs 89,000 crore ($19.7 billion), cash flows of Rs 10,900 crore ($2.8 billion) and net profit of Rs 3,600 crore ($0.8 billion).

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