Reliance Communications (RCom) has put on hold the initial public offering of its undersea cable unit Flag Telecom in Singapore because of adverse market conditions.
The company states that it will await supportive market conditions and easing of prevailing global uncertainties to proceed with the offering or listing at an appropriate time in the future,in order to unlock the full value of the Flag Telecom assets, RCom said in a statement. The IPO,which was to raise about $1 billion,was put on hold on a day when institutional book building was to close.
RCom was looking at listing Flag Telecom through a Singapore business trust,Global Telecommunications Infrastructure Trust (GTIT) on the Singapore stock exchange. Subsequent updates will be provided to the stock exchanges and relevant authorities in due course, the statement said.