Flag Telecom, controlled by billionaire Anil Ambani''s Reliance Communications, has filed initial papers on the Singapore Stock Exchange to raise up to USD 1.5 billion through an initial public offering, according to the Business Standard.  

The newspaper said that that the Anil Ambani-led Reliance Group company expects the transaction to be completed by the second week of May.

The funds will be used to repay part of Reliance Communications’ debt of 350.0 billion rupees debt, it said.

The newspaper quoted the international banking sources involved with the prospectus to say that FLAG’s submarine assets and business will continue to be controlled by the existing management, ensuring continuity in operations.