RCom surges 10 pc on Etisalat stake sale buy report
Shares of ADAG firm Reliance Communications surged 10 per cent on the BSE after a newspaper report said the UAE-based telecom major Etisalat was in talks to buy 25 per cent stake in the company.india Updated: Jun 02, 2010 11:24 IST
Shares of ADAG firm Reliance Communications today surged 10 per cent on the BSE after a newspaper report said the UAE-based telecom major Etisalat was in talks to buy 25 per cent stake in the company.
Shares of Reliance Communications climbed 10 per cent to a high of Rs 153.40 on the Bombay Stock Exchange in the morning trade.
According to a media report, Etisalat is in talks to acquire 25 per cent stake in Anil-Ambani Group firm Reliance Communications and is in advance stages for the deal.
On the National Stock Exchange, the stock jumped to a high of Rs 153.30, up 10.40 per cent. After acquiring 25 per cent stake in the company, the UAE based firm will make an open offer to acquire an additional 20 per cent stake in the telecom services provider, the report added.
As per March quarter shareholding pattern available on the BSE, promoters held 67.58 per cent stake in Reliance Communications. The sale of stake will help Reliance Communications raise funds for its 3G roll-out plan, the media report said.
RCom had earlier this week deposited Rs 8,585.04 crore to the government for 3G spectrum that was auctioned recently. The company has bagged spectrum in 13 circles, including in Delhi and Mumbai.