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
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.
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.
RCom has entered into an agreement with Mukesh Ambani-led Reliance Jio and asset management firm Brookfield to sell telecom business assets.
Shares of Reliance Communications continued to reel under selling pressure on Wednesday, falling below its face value of Rs 5, plunging nearly 13 percent
Shares of Reliance Communications (RCom) on Thursday bounced back sharply, skyrocketing nearly 57 percent amid reports of settlement talks with Ericsson