‘R-Com unit extends bookbuilding for IPO’

Mumbai: The undersea cable unit of Reliance Communications (R-Com) has extended to Thursday the institutional bookbuilding period for its up to $1 billion Singapore business trust IPO, a source with direct knowledge of the matter said on Monday.

The institutional offer for GTI Trust opened on 9 July and was originally due to close on Monday, according to an indicative timeline in a term sheet.

The source, who declined to be identified, also said the trading debut for GTI Trust was now set for 25 July. The earlier term sheet had set a trading debut date of 23 July.