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RCom shares fall on share sale below market price

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Shares of leading telecom operator Reliance Communications (RCOM) fell on Wednesday after the company priced a proposed share sale for institutional investors at a discount to the current market price.

RCOM was down nearly 3 per cent at Rs. 147.30 in early morning trade at the BSE.

On Tuesday, the company said it will raise Rs. 4,300 crore by selling securities to institutional investors and promoters to trim debt.



On Tuesday, the company said it will raise Rs. 4,300 crore by selling securities to institutional investors and promoters to trim debt



The offer price for the qualified institutional placement (QIP) portion was fixed at Rs. 142.14 a share as against the stock’s closing price of Rs. 151.35 on Tuesday.

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Printable version | Dec 9, 2016 8:24:51 PM | http://www.thehindu.com/business/markets/rcom-shares-fall-on-share-sale-below-market-price/article6147436.ece