Reliance Communication (RCom) is trading higher by 5% to Rs 65.85 on BSE on reports that the telecom services provider is planning to sell its majority stake in its subsidiary Reliance Globalcom to Bahrain Telecommunications Company for Rs 6,000 crore.
“Reliance Communications will sell an 80% stake in its subsidiary Reliance Globalcom, a global communications service provider, to a consortium led by Bahrain Telecommunications Company (Batelco) for around Rs 6,000 crore,” the Times of India report suggests.
The proceeds from these transactions would be used to pay off RCom's debt, estimated at Rs 37,000 crore, added report.
Reliance Globalcom provides global managed network solutions and services, and has network management capability in partnership with carrier partners.
The stock has opened at Rs 63.75 and hit a high of Rs 66.05 on BSE. A combined 7.99 million shares have changed hands on the counter till 1038 hours on BSE and NSE.
Meanwhile, the stock of Anil Ambani-owned Group has outperformed the market by surging 16% in past one week compared to 2% fall in benchmark Sensex after the company stuck a Rs 1,200-crore deal with elder brother Mukesh Ambani's Reliance Industries for use of RComs's optical fibre network.
“Reliance Communications will sell an 80% stake in its subsidiary Reliance Globalcom, a global communications service provider, to a consortium led by Bahrain Telecommunications Company (Batelco) for around Rs 6,000 crore,” the Times of India report suggests.
The proceeds from these transactions would be used to pay off RCom's debt, estimated at Rs 37,000 crore, added report.
Reliance Globalcom provides global managed network solutions and services, and has network management capability in partnership with carrier partners.
The stock has opened at Rs 63.75 and hit a high of Rs 66.05 on BSE. A combined 7.99 million shares have changed hands on the counter till 1038 hours on BSE and NSE.
Meanwhile, the stock of Anil Ambani-owned Group has outperformed the market by surging 16% in past one week compared to 2% fall in benchmark Sensex after the company stuck a Rs 1,200-crore deal with elder brother Mukesh Ambani's Reliance Industries for use of RComs's optical fibre network.
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