Stocks

RCom hits upper circuit for sixth straight session

PTI New Delhi | Updated on November 29, 2019 Published on November 29, 2019

Shares of Reliance Communications hit their upper circuit for the sixth consecutive session. File Photo   -  Reuters

Shares of Reliance Communications hit their upper circuit for the sixth consecutive session on Friday amid reports that Bharti Airtel has submitted conditional bids of around ₹9,500 crore for the debt-ridden firm’s assets.

On the BSE, the stock rose 3.85 per cent to 81 paise. The scrip advanced 5.26 per cent to Re 1 on the NSE. The shares have hit upper price band on the stock exchanges. Meanwhile, shares of Bharti Airtel were trading 2 per cent up at Rs 445.45 on the BSE.

Telecom operator Bharti Airtel has submitted conditional bids of around Rs 9,500 crore for debt-ridden Reliance Communications’ telecom assets, including spectrum, mobile towers and optical fibre, according to an industry source.

Read more: Bharti Airtel offers Rs 9,500 cr upfront cash for RCom: media report

Along with Bharti Airtel, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Limited have submitted their bids. “Bharti Airtel seems to be the highest bidder with bids of around Rs 9,500 crore. However, the final result will be known on Friday after the committee of creditors opens all the bids,” the source said.

Published on November 29, 2019
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