Development News Edition
Give Feedback

Reliance Communications shares surged nearly 5 percent

The company's stock moved up by 4.65 percent to settle at Rs 16.42 on the BSE. During the day, it soared 7.32 percent to Rs 16.84.


PTI Last Updated at 06 Aug 2018, 18:08 IST India
Reliance Communications shares surged nearly 5 percent

Shares of Reliance Communications surged nearly 5 percent today after the Supreme Court approved the settlement between RCom and Ericsson India over a payment dispute.

The company's stock moved up by 4.65 percent to settle at Rs 16.42 on the BSE. During the day, it soared 7.32 percent to Rs 16.84.

On the NSE, shares of the company jumped 4.79 percent to end at Rs 16.40.

Debt-ridden Reliance Communications is looking to complete the sale of its business assets worth Rs 25,000 crore by the end of this month and has also agreed to pay Rs 550 crore towards the settlement to telecom gearmaker Ericsson by September-end.

Reliance Communications in a regulatory filing said that it has "agreed to pay a settlement amount of Rs 550 crore to Ericsson on or before September 30, 2018".

The Supreme Court of India on August 3 approved the settlement arrived at between RCom and Ericsson India Pvt Ltd over a payment dispute and asked the Anil Ambani-led firm to pay Rs 550 crore to the Indian arm of Swedish firm by September 30.

The apex court on August 3 allowed RCom to sell assets covering spectrum, fiber, telecom towers, MCNs and certain real estate assets, for an aggregate value of approximately Rs 25,000 crore.

"The company expects to complete all these transactions by end of the month, August 2018, thereby accelerating its overall debt resolution plan," RCom said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


add banner

LEAVE COMMENT

Download our Android App on Google Play