RCom zooms 7% on stake sale buzz in Reliance Globalcom

RCom zooms 7% on stake sale buzz in Reliance Globalcom Mumbai: Shares of Reliance Communications on Monday surged nearly 7 percent amid reports that the company is planning to sell a majority stake in its subsidiary Reliance Globalcom to Bahrain Telecommunications Company.

Following the buzz, shares of the company opened on a positive note and further jumped 6.74 percent to Rs 67.25 on the BSE.

At NSE, the scrip zoomed up by 6.82 percent to Rs 67.30.

According to a media report, "Reliance Communications will sell an 80 percent stake in its subsidiary Reliance Globalcom to a consortium led by Bahrain Telecommunications Company (Batelco) for around Rs 6,000 crore."

The proceeds from these transactions would be used to pay off RCom's debt, it added.

Reliance Communications had last month said it is in talks with Batelco for stake sale in its unit Reliance Globalcom, the company's global communications services business unit.

Meanwhile, the BSE 30-share index Sensex was trading flat at 18,461.38, up 11.15 points in afternoon trade.

PTI