Shares of Reliance Communications continued their rally for the third straight session today, surging nearly 8 percent following the announcement of a revival plan.
The stock soared 7.72 percent to end at Rs 30.96 on the BSE. During the day, it had shot up 18.12 percent to Rs 33.95. On the NSE, it jumped 7.66 percent to close at Rs 30.90.
In terms of equity volume, 858 lakh shares of the company were traded on the BSE and over 77 crore changed hands on the NSE during the day. In three trading sessions, the stock zoomed nearly 90 percent, adding Rs 4,052.09 crore to its market valuation.
Anil Ambani on Tuesday 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 local and foreign banks.
The revival plan, which also has the backing of the Chinese lender that had dragged it to the National Company Law Tribunal over the issue of default 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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
