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RCom shares rise 17% on Reliance Jio deal, surge 122% in last 4 weeks

In four days, shares of the company have zoomed 122% adding Rs 5,506.76 crore to its market capitalisation

Press Trust of India  |  New Delhi 

RCom, Reliance communications, Jio, Ambani, Relaince Jio, RCom shares
File photo of Anil and Mukesh Ambani Picture by Kamlesh Pednekar

Shares of continued their rally for the fourth straight session on Friday, ending 17 per cent higher after stepped in to bail out the debt-ridden firm by acquiring spectrum, tower, optical fibre network and other assets.

The stock surged 16.99 per cent to settle at Rs 36.22 on BSE. During the day, it soared 34.91 per cent to Rs 41.77 -- its 52-week high.

At NSE, shares of the company jumped 16.99 per cent to close at Rs 36.15.

In terms of equity volume, 770.77 lakh shares of the company were traded on BSE and over 68 crore shares changed hands at during the day.

In four days, shares of the company have zoomed 122 per cent adding Rs 5,506.76 crore to its market capitalisation.

While the two did not disclose the deal size, banking sources pegged the transaction value at Rs 24,000- 25,000 crore.

The announcement came just two days after - promoted by - disclosed a new deal with the lenders under which nearly Rs 40,000 crore will be raised through the sale of assets, averting an imminent takeover by the 35 local and foreign banks.

The deal will bring an immediate relief to (RCom), which is reeling under Rs 45,000 crore debt, and the company hopes to use the entire proceeds to pare its debt.

First Published: Fri, December 29 2017. 17:14 IST