Reliance adds Stanchart, DBS for Singapore IPO

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Last Updated: Fri, Feb 17, 2012 10:56 hrs

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Telecoms firm Reliance Communications has added Standard Chartered and DBS Group Holdings as advisers on the Singapore listing of its undersea cable unit that could raise around $1 billion, two sources with direct knowledge of the deal said.

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The two banks join Deutsche Bank as the main banks on the deal as the company tries to raise cash to cut its debt load.

Reliance, Standard Chartered and DBS declined to comment on the planned deal.

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Last month, sources told Reuters that Reliance Communications is looking to raise up to $1.