First round of global roadshows for the listing of Reliance Communication's (RCom) undersea cable unit Flag Telecom on the Singapore Stock Exchange is likely to begin next week, banking sources said today.
RCom has filed a prospectus with the Singapore Stock Exchange and plans to divest as much as 75 per cent stake in Flag Telecom to raise about Rs 5,000-6,000 crore.
“RCom's first round of global roadshows for Flag Telecom will begin next week,” said a source.
When contacted, RCom spokesperson declined to comment. Sources said, meanwhile, that the transaction is likely to close by June 12 and the bankers for the issue include Deutsche Bank, DBS of Singapore, Standard Chartered and Industrial and Commercial Bank of China (ICBC). RCom will use entire proceeds to pay high cost rupee loans, they said.