Reliance Communications? (RCOM) plans to offload stake in Flag Telecom have been put on the fast track, say news reports.
The Singapore Exchange Securities Trading Limited (SGX) has reportedly approved of RCOM floating an initial public offering (IPO) for the undersea cable unit.
RCOM plans to divest up to 75 per cent stake in Flag Telecom to raise about Rs 50 to 60 billion. The company intends to use the entire proceeds from the IPO to pay its high cost rupee loans.
The bankers for the IPO include Deutsche Bank, DBS of Singapore, Standard Chartered and Industrial and Commercial Bank of
