Reliance Communications Falls After Launching Share Sale

Shares of Reliance Communications Ltd fell 2.2 per cent 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 per cent 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.

Copyright: Thomson Reuters 2014