Reliance Communications shares jump over 14% on real estate assets sale buzz

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New Delhi: Shares of Reliance Communications Ltd (RCom) soared over 14% on Tuesday amid reports that lenders of the debt ridden firm have approved the sale of its real estate assets in Delhi and Chennai to Brookfield Asset Management Inc., a Canada-based company.

The stock surged 14.10% to Rs13.75 on the BSE. On NSE, shares of the company zoomed 14.10% to Rs13.75.

“Lenders have approved sale of real estate assets RCom holds in Delhi and Chennai for Rs801 crore to Brookfield,” a source privy to the development told PTI on Monday on condition of anonymity. Brookfield is Canada-based asset management firm.

When contacted RCom declined to comment on the development, while email query sent to Brookfield elicited no reply.

The proceeds will be used for retiring debts, the source said. RCom is reeling under Rs 45,000 crore debt.

At 1.56pm, RCom shares traded 12.03% up at Rs13.50 on the BSE, while the Sensex rose 0.70% to 33,592.36 points.