RComm climbs on stake sale buzz
Shares of Reliance Communications rose as much as 9 per cent on media reports that global telecom companies are eying 26 per cent stake in the company.
By ET Online |
MUMBAI: Shares of Reliance Communications rose as much as 9 per cent on media reports that global telecom companies are eying 26 per cent stake in the company.
According to reports, talks are on for a two-phased transaction, which will first see the strategic investor picking up shares in the company from the secondary market, and then being issued fresh shares through the preferential allotment route. Some foreign institutional investors are also buying actively into the counter, dealers said.
At 11 am, the shares eased some of its gains and were trading 5.7 per cent higher at Rs 241.25.
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