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RCom shares gain nearly 5 pc

Press Trust of India  |  New Delhi 

Shares of surged nearly 5 per cent today after the approved the settlement between and over a payment dispute.

The company's stock moved up by 4.65 per cent to settle at Rs 16.42 on the During the day, it soared 7.32 per cent to Rs 16.84.

On the NSE, shares of the company jumped 4.79 per cent to end at Rs 16.40.

Debt-ridden is looking to complete the sale of its assets worth Rs 25,000 crore by the end of this month and has also agreed to pay Rs 550 crore towards settlement to telecom gearmaker by September-end.

in a regulatory filing said that it has "agreed to pay a settlement amount of Rs 550 crore to on or before September 30, 2018".

The of on August 3 approved the settlement arrived at between and Pvt Ltd over a payment dispute and asked the Anil Ambani-led firm to pay Rs 550 crore to the Indian arm of Swedish firm by September 30.

The apex court on August 3 allowed to sell assets covering spectrum, fibre, telecom towers, MCNs and certain real estate assets, for an aggregate value of approximately Rs 25,000 crore.

"The company expects to complete all these transactions by end of the month, August 2018, thereby accelerating its overall debt resolution plan," RCom said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 06 2018. 17:40 IST