Millennium Post

RCom shares soar 7% on realty assets hive-off plan

Reliance Communications' shares on Monday closed higher by 7 per cent, adding Rs 2,012 crore to firm's market value, after the private telecom company announced plans to hive off entire real estate assets into a separately listed company.

After surging 10.28 per cent to 52-week high of Rs 149.55 on the BSE in intra-day trade, the stock finally settled 7.19 per cent higher at Rs 145.35 in an otherwise weak stock market.

At the National Stock Exchange, the scrip closed 6.71 per cent up at Rs 144.80. The market value of RCom soared by Rs 2,012 crore to Rs 30,000 crore.

'Reliance Communications was up by more than 7 per cent today post its decision to separate its real estate business into a separately listed unit,' said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio Limited.Milan Bavishi, Research Head at Inventure Growth and Securities said, 'Rcom saw continued investor and trading interest. The company is planning to separately list its real estate business. The move will help the company to raise funds to reduce debts.'

In a bonanza for its shareholders, billionaire Anil Ambani-led RCom on Sunday announced it is hiving off its entire real estate assets, estimated to be valued at around Rs 12,000 crore, into a separately listed company.Reliance Properties will be a separate listed company and will work with leading global partners.
Agencies

Agencies

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