Reliance Communications surges on hopes of deal with Batelco today

MUMBAI: Shares of Reliance Communications sprung in action in the afternoon on rumours that the deal with Bahrain Telecommunications Company (Batelco) on stake sale with Reliance Globalcom will be announced today.

According to media reports, Reliance Communications is planning to sell 80 per cent stake in subsidiary Reliance Globalcom to a consortium led by Batelco for around Rs 6,000 crore.

“Batelco has said it is not certain whether it would buy the stake in Reliance Globalcom. In the past, RCom has tried a number of times to monetise its stake in Reliance Globalcom. However, if it is successful in doing so, it would partly help reduce its huge debt of Rs 374 billion,” said Kim Eng India Securities report.

At 02:45 p.m.; the stock was at Rs 70.75, up 9.69 per cent, on the BSE. It touched a high of Rs 71.30 and a low of Rs 64.60 in trade today.