March 22 (Reuters) - Telstra Corporation Ltd TLS.AX :
* UPDATE ON TELSTRA'S PROPOSED LEGAL CORPORATE RESTRUCTURE
* RESTRUCTURE INCLUDES INFRACO TOWERS WHICH TELSTRA IS LOOKING TO MONETISE
* ALSO INTENDS TO ESTABLISH ITS INTERNATIONAL BUSINESS UNDER A SEPARATE SUBSIDIARY WITHIN TELSTRA GROUP
* INTERNATIONAL ASSETS WILL BE TRANSFERRED TO NEW SUBSIDIARY OVER TIME
* PROCESS TO ENABLE LEGAL RESTRUCTURE INCLUDES ESTABLISHMENT OF A NEW HOLDING COMPANY FOR TELSTRA GROUP
* FOLLOWING RESTRUCTURE, TELSTRA SHAREHOLDERS 1 WILL OWN SHARES IN NEW HOLDING CO ON LIKE FOR LIKE BASIS WITH NO CHANGE TO OWNERSHIP LEVELS
* PROPOSED MONETISATION OF INFRACO TOWERS REMAINS ON TRACK