RCom falls after launching share sale

 

Shares of Reliance Communications Ltd fall 2.2% after the company said on Tuesday it is launching a share sale to institutional investors as it looks to reduce debt.

The company said it would sell shares for Rs 142.13 each, or a discount of 5% to the floor price, but the company did not specify the number of shares being sold in the offering.

Sources had told Reuters earlier that the company is likely to raise $500 million through the share sale.