Anil Ambani led Reliance Communications (RCom), one of the leading telecom operators in India, is contemplating issuing debt instruments in the form of US Dollar denominated senior secured notes. The notes, if issued, will be listed on the Singapore Stock Exchange.

''The notes proceeds will be used to repay existing foreign currency debt of USD 255 million to avail longer maturity redemption period and there will be increase in the aggregate borrowing of the company following issuance of the notes and repayment of the existing debt,'' the company said.

Shares of the company declined Rs 5.35, or 4.99%, to trade at Rs 101.80. The total volume of shares traded was 740,720 at the BSE (11.39 a.m., Tuesday).