RCom shares extend rally, zoom nearly 35 pc

Shares of Reliance Communications today extended their previous session's rally, rising sharply by nearly 35 per cent, as investor sentiment remained buoyant following a revival plan announcement.
The stock zoomed 34.74 per cent to settle at Rs 28.74 on BSE. During the day, it skyrocketed 40.41 per cent to Rs 29.95.
On NSE, shares of the company soared 33.48 per cent to close at Rs 28.70.
In terms of equity volume, 927.73 lakh shares of the company were traded on BSE and over 78 crore shares changed hands on NSE during the day.
The stock had gained nearly 32 per cent in the previous session also. In two days, the company's market valuation went up by Rs 3,438.14 crore to Rs 7,948.14 crore.

Anil Ambani yesterday 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 the 35 local and foreign banks.
The revival plan, which also has the backing of the Chinese lender which had dragged it to the National Company Law Tribunal for defaulting 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, Ambani told reporters in Mumbai.

Through the deal, brokered ahead of the December 28 deadline when banks would have taken majority ownership, RCom exits strategic debt restructuring (SDR) and it also involves zero write-offs to lenders, Ambani claimed.