RCom shares jump over 6% as it starts monetisation of realty assets

RCom, which is saddled with Rs 45k cr of debt, has got a 7-month reprieve from banks to service it

A taxi drives past a Reliance Communications office building in Kolkata. Photo: Reuters — A taxi drives past a Reliance Communications Ltd, controlled by billionaire Anil Ambani, office building in Kolkata. Photo: Reuters

Last Updated : Jun 22 2017 | 5:18 PM IST

Shares of Reliance Communications (RCom) on Thursday surged over 6 per cent after the company said it has started the process to monetise its real estate assets in Delhi and Mumbai as part of efforts to pare debt.

The stock, after a positive opening, gained 5.82 per cent to Rs 20.90 on the BSE.

On the NSE, it went up by 6.34 per cent to Rs 20.95.

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Rcom shares surge over 5% after 7-month extension to service debt

RCom, which is saddled with Rs 45,000 crore of debt, has got a 7-month reprieve from banks to service it.

"We wish to inform... That the company has initiated the monetisation programme for its real estate properties," the company said in a regulatory filing on Wednesday.

The company has come out with an advertisement in newspapers to sell or lease Reliance Centre building in Delhi. It has also listed DAKC IT Park in Navi Mumbai for sale or lease.

Like its larger rivals, RCom too has been hit hard by intense price war unleashed by Reliance Jio.

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