RCom to raise Rs 11,000 crore by monetising properties in Delhi, Mumbai
DSIJ Intelligence / 22 Jun 2017
The company by is eyeing to raise Rs 11,000 crore, by monetising prime properties in Delhi and Mumbai, which will be combined with the expected Rs 25,000 crore from the wireless business merger with Aircel and the tower business stake sale to Canada’s Brookfield.
According to reports, Reliance Communication will pare a part of its Rs 45,000 crore debt by monetising real estate assets in Delhi and Mumbai.
The Indian internet access and telecommunication company is aiming to reduce an overall 80% in its debt by December 2017.
The company by is eyeing to raise Rs 11,000 crore, by monetising prime properties in Delhi and Mumbai, which will be combined with the expected Rs 25,000 crore from the wireless business merger with Aircel and the tower business stake sale to Canada’s Brookfield.
This deal will reduce the company’s debt to Rs 9,000 crore by end of 2017.
Following the development, shares of RCom surged 4.5% to Rs 2,065 on the BSE. The stock hit an intraday low and high of Rs 19.80 and 20.75, respectively.
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