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Home » India News

RCom shares extend rally; zoom over 25%

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RCom shares extend rally; zoom over 25%
A logo of Reliance Group is seen at Reliance Center in Mumbai. Image source: Reuters
Updated: Wed, Dec 27, 2017
01:33 pm
PTI
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Shares of Reliance Communications today extended their previous session's rally, soaring over 25 per cent, as investor sentiment remained buoyant following a revival plan announcement.

The stock after a positive opening, further jumped 25.41 per cent to Rs 26.75 on BSE. At NSE, shares of the company soared 24.88 per cent to Rs 26.85.

The stock had gained nearly 32 per cent in the previous session also.

Anil Ambani yesterday claimed that his beleaguered Reliance Communications has negotiated a new deal with the lenders under which nearly Rs 40,000 crore will be raised through asset sales, averting an imminent takeover by the 35 local and foreign banks.

The revival plan, which also has the backing of the Chinese lender which had dragged it to the National Company Law Tribunal for defaulting on USD 1.8 billion loan, involves sale of RCom's residual spectrum, towers and realty assets, including the 125-acre DAKC - the operational headquarters of the group - and also a possible minority stake sale to a strategic investor, Ambani told reporters in Mumbai.

Through the deal, brokered ahead of the December 28 deadline when banks would have taken majority ownership, RCom exits strategic debt restructuring (SDR) and it also involves zero write-offs to lenders, Ambani claimed.

 

TAGS:
RComReliance CommunicationsRCOM SharesStock MarketsBSESensexNSENSE NiftyMarkets
RELATED NEWS
SC directs RCOM to pay Ericsson Rs 550 cr with interest SC directs RCOM to pay Ericsson Rs 550 cr with interest
SC holds Anil Ambani, others guilty of contempt of court for wilfully not paying dues to Ericsson SC holds Anil Ambani, others guilty of contempt of court for wilfully not paying dues to Ericsson
Reliance Communications stock up 10% as company reaches agreement with lenders Reliance Communications stock up 10% as company reaches agreement with lenders
RCom plunges to record low after approaching bankruptcy court RCom plunges to record low after approaching bankruptcy court
RCom to propose same asset sale plan to NCLT RCom to propose same asset sale plan to NCLT

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