Tags: Reliance

Reliance Communications plans to list FLAG on the London Stock Exchange

Indian telecom industry giant Reliance Communications has announced that they are planning to list their international communication subsidiary FLAG Telecom on the London Stock Exchange.

The company has already short-listed four merchant bankers for the float. These are rumored to be Goldman Sachs, Deutsche Bank, Morgan Stanley and UBS.

Reliance is expected to divest 10-15% equity in the company which is one of the largest broadband providers in the world.

The company aims to use the proceeds from the IPO to part-finance expansion plans which they had announced last year. They would be laying 50,000 km fresh undersea cable in regions which have a shortage of international bandwidth.