23 Jul '12, 4am

Reliance Comm shares fall after unit's Singapore IPO shelved

Reliance Comm shares fall after unit's Singapore IPO shelved

REUTERS - Shares in Reliance Communications (RLCM.NS ) dropped more than 3 percent on Monday after the debt-laden telecoms carrier shelved an initial public offering by its undersea cable unit that it had hoped would draw in as much as $1 billion. The postponement marks another failure in the company's various attempts to reduce its debt burden of $7 billion. A planned sale of its telecoms tower unit, expected to raise about $3 billion, has dragged on for almost two years, while an earlier plan to sell a stake of up to 26 percent in the parent itself found no takers. "There is no immediate debt reduction move in sight for them," said K.K. Mital, a portfolio manager at Globe Capital in New Delhi. "The entire telecoms sector is under pressure because of policy issues and the impact on Reliance Communications is even more because of their high debt," Mital said. Reliance Comm...

Full article: http://in.reuters.com/article/2012/07/23/reliance-communi...

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