Shares of leading telecom operator Reliance Communications(RCOM) fell today after the company priced a proposed share sale for institutional investors at a discount to the current market price. Also Read - RCom to go for insolvency resolution process after failure to repay debtAlso Read - Reliance Communications completes sale of fibre assets to Reliance Jio
RCOM was down nearly 3 percent 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. Also Read - Reliance Communications is selling more bands to Jio to put off debts
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 yesterday.