Reliance Communications, India’s second-largest mobile firm by users, has long been trying to raise funds by selling assets to cut its debt – $6.9 billion as of December.
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RCom Applies For Singapore IPO - Sources
During the last week, the undersea cable division of the country's No 2 cellular phone carrier Reliance Communications applied to the Singapore stock market for a proposed initial public offering (IPO).
The reports said that the company could lift up around $1 billion in the initial public offering.
The company has named Standard Chartered, DBS Group Holdings and Deutsche Bank as the lead advisers for the offer.
The company's scrip hit an intraday peak of Rs 94.80 and an intraday low of Rs 92.90.
At 09:23 hrs, RCom's share was ruling at Rs 93.35 after surging Rs 1.30 (1.41%).
RCom was ruling with volumes of 216,790 scrips.
In the preceding trading session, Reliance Communications ended 2.33% or Rs 2.20 at Rs 92.05.
RCom's trailing 12-month (TTM) earnings per share stood at Rs -3.67 a share. (Dec, 2011).
The most recent book value of RCom is Rs 233.26 a share.
At present value, the price-to-book value of RCom was 0.4.
The company's dividend yield remained at 0.54%.
Reliance Communications, India’s second-largest mobile firm by users, has long been trying to raise funds by selling assets to cut its debt – $6.9 billion as of December.
As of quarter ended December 2011, the company had a debt amounting to over Rs 36,000 crore.
RCom files for Flag Telecom IPO in Singapore Stock Exchange
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RCom seeks redistribution of 900 MHz band
RCom plans to list undersea cable arm
RCom may launch Rs 7500-cr IPO of Flag Telecom this qtr
RCom may launch Rs 7500-cr IPO of Flag Telecom during the existing quarterly period.
