Shares of Anil Ambani group (ADAG) companies - Reliance Communications (RCom), Reliance Capital, Reliance Infrastructure and Reliance Power have rallied in the range of 3-7% on back of huge volumes.
RCom has surged 7.2% at Rs 71.65, its sharpest gain in past three-months, on back of around two-fold jump in trading volumes. A combined 16 million shares have changed hands on the counter so far, against average sub 10 million shares that were traded in past tent trading days.
The telecom company has set an indicative price range for the Singapore initial public offering of its undersea cable unit - Flag Telecom- that could raise as much as $1 billion (approx Rs 5,600 crore) and help the parent reduce its debt load.
“Rcom is looking to raise funds to ease a debt load of $7 billion as of March. It has been unsuccessful in several past attempts to raise money by selling assets,” Reuters report suggests.
