RCom gains on huge block deals

Reliance Communications (RCom) is trading higher by 3% at Rs 94.75 on back of huge block deals on the counter. As many as 23.16 million shares representing 1% of the total equity capital of the company have changed hands on the Bombay Stock Exchange, against an average 4.11 million shares that were traded daily in past two-weeks.

Life Insurance Corporation of India (LIC) holds 149.6 million or 7.25% stake, while Ontario Teachers Pension Plan Board Np3a –All holds 39.73 million or 1.93% holding in the Anil Ambani led telecom firm at the end of December 31, 2011 quarter, the shareholding pattern data shows.

Meanwhile, a combined 24.41 million shares have changed hands on the counter on morning deals on both the exchanges.