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RCom surges on signing binding agreements with Brookfield to sell Towers Business

21 Dec 2016 Evaluate

Reliance Communications (RCom) is currently trading at Rs 37.70, up by 2.65 points or 7.56% from its previous closing of Rs 35.05 on the BSE.

The scrip opened at Rs 35.60 and has touched a high and low of Rs 38.50 and Rs 35.50 respectively. So far 4776024 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs 91.80 on 01-Jan-2016 and a 52 week low of Rs 34.35 on 24-Nov-2016.

Last one week high and low of the scrip stood at Rs 38.50 and Rs 34.85 respectively. The current market cap of the company is Rs 9483.01 crore.

The promoters holding in the company stood at 59.09%, while Institutions and Non-Institutions held 25.57% and 15.34% respectively.

Reliance Communications (RCom) has signed binding agreements with Brookfield Infrastructure in relation to the acquisition of company’s nationwide tower assets by affiliates of Brookfield Infrastructure Partners LP and its institutional partners. The company will receive an upfront cash payment of Rs 11,000 crore ($ 1.6 billion) on completion of the transaction.

The company will also receive Class B non-voting shares in the new Tower Company, providing 49% future economic upside in the Towers business, based on certain conditions. RCOM’s telecom towers will be demerged into a separate new Company that will be 100% owned and independently managed by Brookfield Infrastructure, thereby creating the second largest independent and operator-neutral Towers company in India.

Reliance Communications is India’s foremost and truly-integrated telecommunications service provider. The company has a customer base of over 111 million, including over 2.6 million individual overseas retail customers.

 

Reliance Comm Share Price

1.05 0.01 (0.96%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
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