Reliance Communications shares zoom 7% on stake sale buzz in Reliance Globalcom

Shares of the company opened on a positive note and further jumped 6.74% on the BSE.

Written by PTI | Mumbai | Published:April 8, 2013 1:50 pm

Shares of Reliance Communications today surged nearly 7 per cent amid reports that the company is planning to sell a majority stake in its subsidiary Reliance Globalcom to Bahrain Telecommunications Company.

Following the buzz,shares of the company opened on a positive note and further jumped 6.74 per cent to Rs 67.25 on the BSE.

At NSE,the scrip zoomed up by 6.82 per cent to Rs 67.30. According to a media report,”Reliance Communications will sell an 80 per cent stake in its subsidiary Reliance Globalcom to a consortium led by Bahrain Tele communicationsm Company (Batelco) for around Rs 6,000 crore.”

The proceeds from these transactions would be used to pay off RCom’s debt,it added. Reliance Communications had last month said it is in talks with Batelco for stake sale in its unit Reliance Globalcom,the company’s global communications services business unit. Meanwhile,the BSE 30-share index Sensex was trading flat at 18,461.38,up 11.15 points in afternoon trade.

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