Shares of Reliance Communications surged over 6% on the bourses today after the company signed agreements with Canada-based Brookfield Infrastructure and institutional partners to sell its tower business for Rs 11,000 crore. Also Read - RCom to go for insolvency resolution process after failure to repay debt
On BSE, the stock closed at Rs 37.45, up 6.85% from its previous close. It had opened at Rs 35.60 and soared 9.84% to an intra-day high of Rs 38.50. Following an uptick in the counter, the market capitalization of the company increased by Rs 597.36 crore to Rs 9,321.23 crore. The scrip gained 6.28% to end at Rs 37.25 on NSE. After opening the day at Rs 35.75, it had jumped 9.84% to touch an intra-day high of Rs 38.50. Also Read - Reliance Communications is selling more bands to Jio to put off debts
On the volume front, 58.27 lakh shares were traded on BSE, while NSE saw 4.96 crore shares exchanging hands. Reliance Communications has signed binding agreements with Brookfield Infrastructure and institutional partners to sell its tower business for an upfront cash payment of Rs 11,000 crore, the Anil Ambani-promoted firm said in a filing to BSE.
The deal represents the largest-ever investment by an overseas financial investor in the infrastructure sector in India. RCom will utilize the cash proceeds solely to reduce debt, the company said. The benchmark Sensex closed at Rs 26,242.38, down 0.25% from its previous close.