RCom shares jump over 14% amid reports of real estate assets sale

The stock surged 14.10 per cent to Rs 13.75 on BSE

The lenders to Reliance Communications are meeting next week to discuss its future, after its two lifeline deals - a merger with Aircel and the sale of towers - collapsed — The lenders to Reliance Communications are meeting next week to discuss its future, after its two lifeline deals — a merger with Aircel and the sale of towers — collapsed

Last Updated : Nov 21 2017 | 3:50 PM IST

Shares of Reliance Communications soared over 14 per cent on Tuesday amid reports that lenders of the debt ridden firm have approved the sale of its real estate assets in Delhi and Chennai to a Canada-based company.

The stock surged 14.10 per cent to Rs 13.75 on BSE.

On NSE, shares of the company zoomed 14.10 per cent to Rs 13.75.

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"Lenders have approved sale of real estate assets RCom holds in Delhi and Chennai for Rs 801 crore to Brookfield," a source privy to the development told PTI yesterday on condition of anonymity.

Brookfield is Canada-based asset management firm.

When contacted RCom declined to comment on the development, while email query sent to Brookfield elicited no reply.

The proceeds will be used for retiring debts, the source said.

RCom is reeling under Rs 45,000 crore debt.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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