Reliance Communications (RCom) has dipped 4% at Rs 61.30 after the Anil Ambani-promoted telecom firm said that it has put on hold the initial public offering (IPO) of its undersea cable unit, Flag Telecom, in Singapore due to adverse market conditions.
“The company will await supportive market conditions and easing of prevailing global uncertainties to proceed with the offering/listing at an appropriate time in the future, in order to unlock the full value of the Flag Telecom assets in the best interests of its over 2 million shareholders,” RCom said in a filing.
A combined around 702,000 shares have changed hands on the counter in opening trades on both the exchanges.
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