Reliance Communications extends gains on receiving bids for sale of Reliance Infratel

MUMBAI: Reliance Communications surged by nearly 5 per cent on bourses today the company said that it is evaluating offers from several parties for a controlling stake in its tower infrastructure arm Reliance Infratel.

Shares of the Anil Ambani Group firm settled 4.81 per cent higher at Rs 93.70 on BSE. In intra-day, the scrip spurted by 6.43 per cent to touch a high of Rs 95.15.

In the previous trading session, the scrip gained 2.17 per cent.

On the National Stock Exchange, RCom jumped by 4.53 per cent to close at Rs 93.55.

Reliance Communications yesterday said that it is evaluating offers from several parties for a controlling stake in Reliance Infratel.

Reliance Infratel is a subsidiary of RCom and is engaged in the business of building and operating communications towers, optical fibre cables and other related assets at designated sites.

RCom, through its various subsidiaries, held 95 per cent stake in Reliance Infratel and the remaining is held by various international financial investors, including HSBC Principal Investments, Galleon Group, New Silk Route and Quantum Fund (George Soros).