Reliance Communications,India’s third largest mobile telephony company by revenues Tuesday said that it is looking to list its Flag Telecom,an under sea cable networks on the Singapore Stock Exchange.
RCom is evaluating a potential initial public offering and listing in Singapore of its subsea telecommunications infrastructure network business,through a Singapore business trust, the company said in a statement to the exchanges.
It had filed its prospectus with the Singapore Exchange on March 19 to raise $1.5-billion or Rs 7,500-crore.
Shares of the company on the BSE was trading at Rs 83.30,up 0.48% at 1.00 pm.
The unit has received an in principle approval from the Singapore stock exchange for its initial public offering of shares.
Bankers for the issue include Deutsche Bank,DBS and Standard Chartered.
RCom had acquired Flag Telecom,the undersea cable business,in 2003 for about USD 207 million. RCom has been exploring various routes of raising funds,including selling stake in its telecom tower arm,Reliance Infratel.