Reliance Communications stocks continued their rally for the fourth straight session, rising sharply by nearly 35 per cent after Mukesh Ambani stepped in to bail out the debt-ridden firm by acquiring spectrum, tower, optical fibre network and other assets.
After a positive opening, shares of the company further jumped 34.91 per cent to Rs 41.77, its 52-week high on BSE. At NSE, shares of the company soared 29.93 per cent to Rs 40.15.
In four days, the stock has zoomed over 129 per cent. While the two companies did not disclose the deal size, banking sources pegged the transaction value at Rs 24,000- 25,000 crore.
The announcement came just two days after Reliance Communications - promoted by Anil Ambani disclosed a new deal with the lenders under which nearly Rs 40,000 crore will be raised through sale of assets, averting an imminent takeover by the 35 local and foreign banks.
The deal will bring an immediate relief to Reliance Communications (RCom), which is reeling under Rs 45,000 crore debt, and the company hopes to use the entire proceeds to pare its debt.