Monday, July 23, 2012

Reliance Pulls IPO for its FLAG Subsidiary

Reliance Communications withdrew plans for an initial public offering in shares of its FLAG Telecom subsidiary.  Reliance had planned a public listing in Singapore.

  • FLAG operates the 28,000-km Fiber-Optic Link Around the Globe/

  • In October 2003, Reliance Group acquired FLAG Telecom Group for $207 million.  A year earlier, FLAG had undergone a Chapter 11 bankruptcy proceeding to alleviate its debt.