RCom shares jump over 14% on buzz that debt-ridden company selling real estate assets to Canada's Brookfield

When contacted RCom declined to comment on development, while email query sent to Brookfield elicited no reply

PTI November 21, 2017 18:26:29 IST
RCom shares jump over 14% on buzz that debt-ridden company selling real estate assets to Canada's Brookfield

New Delhi: Shares of Reliance Communications soared over 14 percent on Tuesday amid reports that lenders of the debt ridden firm have approved the sale of its real estate assets in Delhi and Chennai to a Canada-based company.

RCom shares jump over 14 on buzz that debtridden company selling real estate assets to Canadas Brookfield

A man walks past a logo of Reliance Communication.

The stock surged 14.10 percent to Rs 13.75 on BSE. On NSE, shares of the company zoomed 14.10 percent to Rs 13.75.

"Lenders have approved sale of real estate assets RCom holds in Delhi and Chennai for Rs 801 crore to Brookfield," a source privy to the development told PTI on Monday on condition of anonymity. Brookfield is Canada-based asset management firm.

When contacted RCom declined to comment on the development, while email query sent to Brookfield elicited no reply. The proceeds will be used for retiring debts, the source said.

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