Flag Telecom has filed a prospectus in the Singapore Stock Exchange to list and divest 75 per cent stake in the submarine cables business for $1.25-1.5 billion, say news reports.
The transaction is expected to be completed by the second week of May. The funds being raised will be used to reduce the debt on Reliance Communication?s books.
The bankers for the issue include Deutsche Bank, DBS of Singapore, Standard Chartered and the Industrial & Commercial Bank of China.
