Reliance Communications Ltd (Rcom) has kick started the process of listing its infrastructure arm in Singapore through a business trust which on Thursday filed the preliminary prospectus with the Monetary Authority of Singapore.
In a communications to the stock exchanges, Rcom said that subsequent to the Singapore Exchange Securities Trading Limited granting on June 12 `eligibility to list’ its business trust Global Telecommunications Infrastructure Trust (GTIT), the trust today lodged a copy of the preliminary prospectus with the Monetary Authority of Singapore. Rcom said it would provide further updates in due course.
It was in early April, Rcom said that it was evaluating a potential IPO and listing in Singapore of its subsea telecommunications infrastructure network business through GTIT.
As the announcement came just about 10 minutes before the trading closed, there was no significant impact on the stock price. But the counter had witnessed a huge volume of nearly one crore shares today in the NSE and 20.77 lakh shares in the BSE.
In the NSE, Rcom closed at Rs 68.55, a gain of Rs 1.60 with a trading volume of 99.94 lakh shares. In the BSE, 20.78 Rcom shares were traded with the stock gaining Rs 1.80 to end at Rs 68.70.