Wednesday, 21 December 2016

Reliance Comm up 5% ahead of likely tower deal with Brookfield

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Shares of Reliance Communications , the Anil Dhirubhai Ambani Group company, rallied nearly 5 percent intraday Wednesday on hope of likely announcement of tower sale deal with the US asset management company this week. The telecom operator is expected to sell 100 percent stake in the tower arm to Brookfield, the US-based asset management company. The deal is likely to be announced this week. 

The company may get upfront payment of Rs 11,000 crore, and close to Rs 9,000 crore over 3-5 years depending on performance, sources say. The deal for which a non-binding term sheet was signed by the two parties in October, will help Reliance Communications pare its debt. In the quarter ended September 2016, the company's borrowings were more than Rs 27,000 crore.

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