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 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."
The undersea cable unit of Reliance Communications, controlled by billionaire Anil Ambani, had earlier extended to July 19 the institutional bookbuilding period for its up to $1 billion Singapore business trust IPO, a source had said earlier this week.
The institutional offer for GTI Trust opened on July 9 and was originally due to close on July 16, according to an indicative timeline in a term sheet.
The source, who declined to be identified, also said the trading debut for GTI Trust had been postponed to July 25. The earlier term sheet had set a trading debut date of July 23.
The company had earlier this month filed a preliminary prospectus for an initial public offering in Singapore in a deal that was expected to raise about $1 billion.
Reliance Communications is looking to raise funds to ease a debt load of $7 billion, or about Rs Rs 36,000 crore, as of March. It has been unsuccessful in several attempts to raise money by selling assets.
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