Reliance plans to raise $1.5 billion IPO of submarine cable assets.

Anil AmbaniBillionaire Anil Ambani’s Reliance Communications Ltd. (RCOM), plans to raise so far as $1.5 billion through a Singapore listing of its submarine cable assets, the reports said.

Reliance may sell 75 percent of FLAG Telecom in the first half of this year in a preliminary public offering and is seeking an evaluation of up to $2 billion, the sources said.

FLAG Telecom would be listed as an alleged business trust, the sources said.

Rohit Khanna, a spokesman for Reliance Communications in Mumbai, said in an e-mailed statement tthat “Reliance Communications continually works on various options to unlock value from its unique combination of global telecom assets.”

Leave a comment