I managed to solve this by playing with the Hyperlinks collection using the VB Add method. It works somewhat the same as in Win32::OLE. Now I am able to display textual data independently of the URI. I appreciate your help anyway.

=cut
Object The object in which you want to insert the hyperlink.
Anchor The object the user will click to follow the hyperlink. This co
+uld be a section of text, 
a Range object, or a graphic.
Address The address of the link, which can be a file path, a UNC path,
+ or a URL.
SubAddress (optional) A named location within the linked file 
ScreenTip (optional) A string that specifies the banner text that appe
+ars when the user hovers 
the mouse pointer over the link. If you omit this argument, the Addres
+s is displayed.
TextToDisplay (optional) A string that specifies the hyperlink text th
+at appears in the document. 
=cut

my $object = $sel->Range;
my $address ="$i";
my $subaddress ="subaddress";
my $screentip ="screentip";
my $texttodisplay ="texttodisplay";

##Hyperlinks collection Add method to insert Hyperlinks into Word
$sel->Hyperlinks->Add( $object,$address,$subaddress,$screentip,$textto
+display);
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