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Reliance sets GTI Trust IPO price range

Indian carrier Reliance Communications has set an indicative price range for the IPO of its submarine cable subsidiary Global Telecommunications Infrastructure Trust (GTI Trust), which could raise as much as $1 billion.

The company will pay a yield of up to 11.5% in a bid to attract investors, according to Bloomberg.

The Singapore IPO comes as Reliance looks to reduce its $7 billion debt by selling off its assets.

GTI Trust, which owns four subsea cables, had pro forma revenue of $267.5 million for the year ended March 2012. Reliance expects the unit’s revenue to rise to $287.6 million in the next fiscal year and $308.8 million in fiscal 2014.

The offer opens today and will close on July 16.