Reliance Communication surges on bourses

ADAG promoted Reliance Communication is trading up on bourses owing to its deal struck with Brookfield for tower biz where Reliance Communication is expected to get Rs 11000 crore payment.

Reliance Communication has gained on bourses on Friday on intraday basis. The stock is trading at Rs 47.70, up by Rs 1 per share or 2.14 per cent.

Reliance Communication has signed a term sheet with the Canada based company which manages asset in the tower business.

The specified asset as per the term sheet will be transferred from Reliance Infratel (RITL) to a separate SPV which will be owned by Brookfield. Reliance Communication will be using the upfront cash of Rs 11,000 crore to repay its debt.