Shares of Reliance Communications climbed 5.7 percent intraday Thursday after a media report indicated that the Anil Dhirubhai Ambani Group company is likely to sell entire stake in its telecom tower business.
"Reliance Communications (RComm) is close to finalising a deal to sell its entire stake in tower unit Reliance Infratel," a media report said quoting unnamed sources.
RComm owns about 96 percent stake in Infratel and the sale would fetch it around Rs 22,000 crore, which will be used to retire some debt.
Sources further said the deal values Infratel at around Rs 22,500 crore.
Reliance Infratel has about 43,500 mobile towers. The debt of RComm stood at around Rs 38,000 crore.
According to sources, the deal is almost finalised and is likely to be announced within 10 days.
Reliance Communications is looking to monetise its non-core assets to bring down debt-to-EBITDA ratio to about 3 in 18-24 months.
At 15:17 hours IST, the scrip of Reliance Communications was quoting at Rs 74.55, up Rs 3.40, or 4.78 percent on the BSE.(With inputs from PTI)
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