Reliance Communications cancels unit's Singapore IPO

[prasad]

Reliance Communications (the “Company”) had earlier announced that it was evaluating a potential initial public offering and listing in Singapore of its subsea telecommunications infrastructure network business (known as Flag Telecom), through a Singapore business trust. On July 05, 2012, the business trust, Global Telecommunications Infrastructure Trust, lodged a copy of the preliminary prospectus with the Monetary Authority of Singapore.

The Company states that it will await supportive market conditions and easing of prevailing global uncertainties to proceed with the offering / listing at an appropriate time in the future, in order to unlock the full value of the Flag Telecom assets in the best interests of its over 2 million shareholders. Subsequent updates will be provided to the stock exchanges and relevant authorities in due course.

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