FLAG Tele IPO to be managed by Deutsche Bank, Goldman Sachs
New Delhi: Reliance Communications has appointed Deutsche Bank and Goldman Sachs to manage the proposed initial public offering for its international undersea cable subsidiary FLAG Telecom.

The company is expected to divest 10-15 per cent of its equity in FLAG Telecom, which will be listed on the London Stock Exchange. At present, FLAG is a 100 per cent subsidiary of Reliance Communications.

The IPO proceeds will be used to part-finance the $1.5-billion expansion plans announced last year that include laying 50,000 km fresh undersea cable.

According to company sources, the initial valuation of the undersea cable firm is estimated to be about $2 billion as per the numbers worked out by merchant bankers.

The expansion plan for FLAG will add extra capacity for voice calls, Internet and multimedia services.

The fibre-optic cable would eventually reach 60 countries and connect 5 billion global customers.
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Wartsila plans delisting of Indian arm from bourses
Mumbai: Finnish marine engineering firm Wartsila Corporation plans to delist its Indian subsidiary from the bourses. The company has agreed to pay Rs622 per share for buying back all outstanding shares of Wartsila India.

Earlier on Wednesday, Wartsila Corp had said in a statement its public offer for delisting of Wartsila India, which began on January 19, closed on March 23.

Pursuant to the offer, about 6.9 per cent of the total shares would be acquired for a consideration of about 8.8 million euros or Rs51 crore), Wartsila Corp said.

After the completion of the offer, Wartsila Corporation would control 96.6 per cent of Wartsila India shares. The remaining shareholders would be offered an exit option at the same price paid in the public offer.
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Games2win raises $5 million from Clearstone, SVB Financial
Mumbai: Games2win India has raised around $5 million from venture capital firms Clearstone and SVB Financial Group. Clearstone is the lead investor in the company.

the company says it would use the investments to bring international games into India, build infrastructure, team building, joint ventures with companies in India and also for building downloadable games that can be sold worldwide.

Two directors from Clearstone will be on the board of Games2win following the fund raising.
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Corus shares suspended from trading from today
London: Anglo-Dutch steelmaker Corus Group's shares will suspended from trading for the last time ahead of its takeover by conglomerate Tata Group for $12 billion.

Corus shares were trading at 607 pence in mid-day trade, one pence or 0.17 pc higher compared to the previous close at the London Stock Exchange (LSE).

The suspension in trading follows the approval of the deal by Corus shareholders earlier this month and approval from the UK court at a hearing held on March 27.Another court hearing is scheduled tomorrow to confirm the reduction of Corus' equity capital.
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