RCom gains after completing securitization of a transaction

The announcement was made during trading hours today, 11 July 2013.

Meanwhile, the S&P BSE Sensex was up 351.95 points or 1.82% at 19,646.07.

On BSE, 17.39 lakh shares were traded in the counter as against average daily volume of 66.11 lakh shares in the past one quarter.

The stock hit a high of Rs 144.90 and a low of Rs 141.40 so far during the day. The stock had hit a 52-week high of Rs 149.55 on 8 July 2013. The stock had hit a record low of Rs 46.60 on 30 August 2012.

The stock had outperformed the market over the past one month till 10 July 2013, jumping 26.31% compared with the Sensex's 0.76% fall. The scrip had also outperformed the market in past one quarter, surging 91.53% as against Sensex's 4.78% gain.

The large-cap telecom company has equity capital of Rs 1032.01 crore. Face value per share is Rs 5.

Reliance Communications (RCOM) said that it has completed securitisation of proceeds under the Rs 1200 crore ($200 million) intercity Fibre Agreement signed with Reliance Jio Infocomm in April 2013. RCom said that the proceeds from securitisation have been utilised to repay high cost rupee debt, resulting in significant interest cost savings for the company. The securitisation has been completed with Indian and foreign banks. Deliveries of inter city fibre links to Reliance Jio have already commenced. The total deliveries of 1.2 lakh kms inter city fibre under the Agreement are expected to be completed within the current financial year, RCom said.

RCom's consolidated net profit declined 8.7% to Rs 303 crore on 8.9% growth in net sales to Rs 4985 crore in Q4 March 2013 over Q4 March 2012.

RCom has established a pan-India, high-capacity, integrated (wireless and wireline), convergent (voice, data and video) digital network, to offer services spanning the entire infocomm value chain.

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