NEW DELHI: Reliance Communications today said it has put on hold the initial public offering of its undersea cable unit Flag Telecom in Singapore because of adverse market conditions.
"The company states that it will await supportive market conditions and easing of prevailing global uncertainties to proceed with the offering or listing at an appropriate time in the future, in order to unlock the full value of the Flag Telecom assets," RCom said in a statement.
RCom was looking at listing Flag Telecom through a Singapore business trust, Global Telecommunications Infrastructure Trust (GTIT) on the Singapore stock exchange. Full story
Related:
Reliance Communications puts cable arm's $1bn IPO on hold - The Times Of India
India's Reliance Comm shelves unit's $1 bln Singapore IPO - Reuters India
India’s Reliance Comm shelves unit’s $1bn Singapore IPO - Dailytimes.com.pk
Temasek putting money into Indian undersea cable unit
