Education services provider Educomp Solutions on Friday said it has deferred a proposal to

RELATED ARTICLES Bharti Airtel shares rally up to 5.6% on Qualcomm deal Tata Power shares down 5% post Q4 results Thomas Cook shares up over 2% on bourses SBI shares extend rally for third day; stock up over 3% Reliance Capital shares zoom over 7% on smart Q4 earnings

raise up to $250 million through a share sale due to poor market conditions.

The company had in May announced plans for a share sale but had given no timeframe.

India's stock market has been volatile this year with the benchmark BSE Sensex falling more than 18 percent, making it one of the worst performing major markets in the world.

Local concerns including rising interest rates that have started hurting corporate profits and slowing economic expansion have also weighed on stocks.

Shares in Educomp, valued at 19.5 billion rupees, have lost about 62 percent this year. At 11.53 a.m. on Friday, they were trading down 3 percent at 198 rupees.

A weak outlook for the current fiscal year and a search by the income-tax department at Educomp's office last month have battered the stock lately.

The company will be "comfortably" able to meet future obligations due in July 2012 through internal accruals and debt. Foreign currency convertible bonds worth $78.5 million would be due for redemption in July, chief financial officer Sangeeta Gulati told Reuters.