RCOM Shares fall 2.2% After Launching Share Sale To Institutional Investors

Shares of Reliance Communications fell 2.2% after the company announced launching a share sale to institutional investors in order to reduce its debt. The company said it would sell shares for Rs 142.13 each or at a concession of 5% to the floor price but did not mention the number of shares being sold in the offering.

According to media reports, the company is likely to raise $500 million through the sale of shares.