Shares of debt-ridden Reliance Communications Ltd (RCom) rose as much as 9.8 per cent to ₹16.80, their highest since May 18.
Reliance Infratel informed the National Company Law Appellate Tribunal (NCLAT) that it has reached an agreement with minority shareholders regarding sale of its tower and fibre assets.
Settlement will enable RCom to proceed with asset monetisation as soon as it exits the debt resolution process.
NCLAT deferred hearing RCom’s appeal against insolvency proceedings by the National Company Law Tribunal to Wednesday.
NCLAT has also given RCom time until Wednesday to reach a settlement with Ericsson, TV channels reported.
More than 140 million shares traded, versus 30-day average of around 135 million shares. Up to Monday’s close, stock had fallen 57.7 per cent this year.