Anil Dhirubhai Led company, Reliance Communications has witnessed a tremendous share jump with a nearly double the money returning in just 11 days. The surge in shares has come amidst NCLAT allowing RCom to proceed with the asset sale to Mukesh Ambani-controlled Reliance Jio Infocomm and Brookfield.
Additionally, National Company Law Appellate Tribunal has also put a stay on the order of NCLT regarding insolvency of Reliance Communications, Reliance Infratel and Reliance Telecom.
Speaking in terms of numbers, Rcom shares have jumped 100% to Rs 21 from a share price level of Rs 10.5 as on 16 May 2018. In a continuous stretch of last 11 days, heavy trading had been witnessed on the counters of RCom with about 50 to 80 crore equity shares being traded in a single day.
Interestingly, even today Rcom shares witnessed an upsurge by 20% to a day’s high of Rs 21 on NSE while the stock went up by 19.14% to Rs 20.85 on BSE.
Reliance Communications said in a statement,
RCom’s asset sale to Reliance Jio and Brookfield for an aggregate value of Rs 18,100 crore has been allowed to proceed by the Hon’ble NCLAT. The assets sale includes spectrum, fiber, telecom towers, MCNs and certain real estate assets in Delhi and Chennai.
Hence, with legal burdens removed, Rcom now expects to complete its assets within the next few weeks that will help the company achieving an overall debt reduction of approximately Rs 25,000 crore from the first phase of its asset monetization program.