Mumbai: Reliance Communications is likely to launch the estimated 5,000 crore IPO of its undersea cable unit on Singapore stock exchange in four to five weeks. RCom today announced that Singapore Exchange Securities Trading Ltd has approved the Initial Public Offer of the unit. "On June 12, 2012, the Singapore Exchange Securities Trading Ltd has granted an 'eligibility to list' to the business trust subject to the requisite conditions being satisfied," the company said in a filing to the BSE. Meanwhile, an industry source told PTI, "This unit will be called Global Telecom Infrastructure Trust and the IPO is likely to be floated in next 4 to 5 weeks." RCom plans to divest as much as 75 per cent stake in its undersea cable unit and use the fund raised from the proceeds to pay its high cost rupee debt. It is estimated that the company will raise Rs 5,000-6,000 crore. RCom spokesperson declined to comment on the details. The bankers for the issue include Deutsche Bank, DBS of Singapore, Standard Chartered and Industrial and Commercial Bank of China (ICBC). As of March 31, 2012, RCom had a net debt of over Rs 35,839 crore. In the last quarter of Financial Year 2011-12, RCom redeemed FCCBs for about Rs 5,825 crore. It entered into an agreement with Industrial and Commercial Bank of China (ICBC), China Development Bank Corporation (CDB) and Export Import Bank of China (EXIM) for refinancing. Shares of the company jumped 4.41 per cent to Rs 69.80 on the BSE following the announcement.