Reliance Communications (RCom) shares soared to a 52-week high to touch Rs 148.35 on Monday, after the telecom major received its board approval to demerge the real estate assets into a separate firm.
At 1.23 p.m., the company’s shares were trading up 8.85 per cent at Rs 147.60, while the Sensex was down nearly one per cent. In the opening trade, RCom shares rose about 5 per cent.
RCom board on Sunday had approved the demerger of its real estate assets into a separate firm, Reliance Properties, as part of its strategy to divest non-core assets and focus on its core wireless and enterprise business.
The demerger is subject to shareholders and regulatory approvals, RCom said in a statement.