Reliance Communications Ltd. said Thursday its unit that owns undersea cable assets has filed a preliminary prospectus for an initial public offering in Singapore.

On June 12, 2012, the Singapore Exchange Securities Trading Limited granted an "eligibility to list" to the business trust, subject to requisite conditions being satisfied. Further, on July 5, 2012, the business trust Global Telecommunications Infrastructure Trust has lodged a copy of the preliminary prospectus with the Monetary Authority of Singapore.

Reliance Communications expected to raise $1.5 billion (Rs 7,700 crore), by parting with as much as 75% of the submarine cables that were held by Flag Telecom, which is a unit of Reliance Globalcom. The proceeds will be used to retire high cost Indian debt.

The Reliance Communications Ltd stock was trading at Rs.68.70, up by Rs.1.80 or 2.69%. The stock hit an intraday high of Rs.69.15 and low of Rs.67.10.

The total traded quantity was 20.75 lakhs compared to 2 week average of 15.84 lakhs.