Reliance Communications shares fall on share sale below market price
25 Jun 2014 12:09 PM GMT
RCOM is down by 3 per cent at Rs 147.30 in morning trade
Mumbai: Shares of leading telecom operator, Reliance Communications (RCOM) fell 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. Yesterday, 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.
( Source : PTI )
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