Reliance Communications (RCom), one of India’s largest mobile operators, is reportedly considering raising around US$300m via a share sale.
The issue is expected to start within the next two months, Bloomberg cited people close to the situation as…
Reliance Communications (RCom), one of India’s largest mobile operators, is reportedly considering raising around US$300m via a share sale.
The issue is expected to start within the next two months, Bloomberg cited people close to the situation as saying.
Proceeds will be used to pare its debt load, which stood at Rs402bn (US$6.8bn) as of 31 March.
The fourth-largest wireless player in the country has been looking to trim its liabilities in various ways in recent months, including selling assets and entering a US$1bn network sharing agreement with new entrant Reliance Jio.
The company was not immediately available to comment on the Bloomberg report.
A few weeks ago, it was reported that Hong Kong-based backhaul operator Citic Telecom was close to buying into undersea cable assets that belong to RCom.
Another Indian mobile operator, Idea Cellular, raised US$500m over the last few days in a share sale to institutional buyers. The number three player is expected to use the money to buy frequencies in the country’s next spectrum auction.
