Laden with a debt of Rs.33,000 crores... Anil Ambani's Reliance Communications, India's second largest Cellular Operator is exploring fresh equity sale option.
RCom attempted to reduce debt by merging its tower-arm with GTL and by disposing equity (26%) to Etisalat.
The tower deal with GTL did not go through as intended and had to be called off forcing RCom to rethink its debt reduction strategy but the fact that they had to pay a further Rs.8585 crore recently for 3G spectrum does not suggest things are going to be picking up anytime soon.
On the positive side... strong foreign inflows in the last few months have made the market conditions conducive for raising funds.
On 28-Sep-2010 RCom is going to seek approval from share holders enabling it to sell fresh equity.
