Reliance Communications has shelved a planned Singapore initial public offering by its GTI Trust to raise up to $1 billion, dealing a blow to its efforts to ease a $7 billion debt load.
The company said on Friday that it will “await supportive market conditions and easing of prevailing global uncertainties to proceed with the offering/listing at an appropriate time in the future.”
Reliance Communications Chairman, Anil Ambani.Reuters
Sovereign funds including the likes of Temasek Holdings and China Investment Corp agreed to invest a sum of $250 to 300 million in the the undersea cable unit’s IPO.
Reliance Communications which earlier announced that it would extend the book-building process by a day had even signed on Deutsche Bank AG, DBS Group Holdings Ltd, Industrial & Commercial Bank of China Ltd and Standard Chartered Plc are lead managers for the offering.
