Shares of Reliance Communications (RCom), the country’s fourth largest mobile operator by subscribers, fell on Wednesday after the company launched a stake sale.
RCom, controlled by billionaire Anil Ambani, said it plans to raise Rs 4,300 crore by offloading stake to promoters and institutional investors. The company intends to use the funds to reduce the debt.
Of the total Rs 4,300 crore, RCom will raise about Rs 3,000 crore through a stake sale to institutions. Stake sale through Qualified Institutional Placement opened on Tuesday.
RCom has priced the QIP at Rs 142.13 a share, while the stake sale to promoters is priced at Rs 150 a share.
RCom shares were trading 2.64 per cent lower at Rs 147.35 at 11 a.m. on a weak BSE, which was down 0.05 per cent.