RComm zooms 15%, hits 52-week high on deal talk with Samena

NEW DELHI: Reliance Communications Ltd surged over 15 per cent in afternoon trade on Monday to hit its 52-week high of Rs 99, after reports said private equity funds led by Samena Capital are in advanced talks with the company to acquire Reliance Globalcom, which owns undersea cable company Flag Telecom.

At 03:00 pm, Reliance Communication was trading 14.98 per cent higher at Rs 98.75. It has hit a low of Rs 84.85 and a 52-week high of Rs 99 in trade today.

Reliance Communications, promoted by Anil Ambani, on Saturday said that they are no longer in talks with Bahrain Telecommunications Company (Batelco) for selling one of its subsidiaries.

Samena Capital, in a proposed consortium with certain other global PE funds, is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of Reliance Globalcom Ltd, ET said in a report.

“The intended time line for completion is end of May 2013. At this point, there can be no certainty that this will lead to a transaction," the report added.