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New Delhi: Rising for the fourth straight session, Shares of Reliance Communications (RCom) zoomed nearly 35 percent after Mukesh Ambani stepped in to bail out the debt-ridden firm by acquiring spectrum, tower, optical fibre network and other assets.
After a positive opening, shares of the company further jumped 34.91 percent to Rs 41.77, its 52-week high on BSE.
At NSE, shares of the company soared 29.93 percent to Rs 40.15.
In four days, the stock has zoomed over 129 percent.
While the two companies did not disclose the deal size, banking sources pegged the transaction value at Rs 24,000- 25,000 crore.
Reliance Jio Infocomm (RJIL), a subsidiary of Reliance Industries Limited, yesterday announced signing of a “definitive agreement” for the acquisition of specified assets of RCom and its affiliates.
Consequent to the agreement, Jio or its nominees will acquire assets under four categories — towers, optic fibre cable network, spectrum and media convergence nodes — from RCOM and its affiliates, Jio said in a statement.
RCOM’s assets which were put up for monetisation include 122.4 MHz of 4G Spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, around 1.78 lakh km of fibre with pan-India footprint and 248 media convergence nodes, covering five million sq ft used for hosting telecom infrastructure.
With Agency Inputs