According to sources, the Anil Ambani-controlled company is planning an initial public offering (IPO) of Reliance Globalcom in Singapore and may sell 75 per cent stake in the company through the proposed open offer.

They further said that the company expects to raise USD 1.5 billion through IPO, if it happens.

Deutsche Bank is working on the deal, they added.

When contacted, a company spokesman said, "RelianceCommunications (RCom) continually works on various options to unlock value from its unique combination of global telecom assets, for the benefit of its shareholders."

RCom has been exploring various routes of raising funds, including selling stake in its telecom tower arm, Reliance Infratel.

Last year, a deal to sell stake to tower major GTL Infrastructure for USD 11 billion ( 50,000 crore) fell apart.

As of quarter ended September 2011, the company has a debt amounting to nearly Rs 32,000 crore.

Yesterday, RCom had announced that three leading Chinese banks have agreed to refinance its outstanding foreign loans worth Rs 6,125 crore. This is the biggest ever overseas loan refinancing arrangement by any Indian company.

The refinancing for RCom's outstanding FCCBs (Foreign Currency Convertible Bonds) worth USD 1,182 million (Rs 6,125 crore) would be provided by Industrial and Commercial Bank of China (ICBC), China Development Bank (CDB) and Export Import Bank of China (EXIM), among others.