Reliance Communications on a roll on stake sale buzz

Mumbai, June 3 (IANS) Reliance Communications saw its scrip soar further Thursday after the company said it was evaluating various offers from global telecom firms to acquire a strategic stake in the firm.

The scrip closed at 164.45, up 6.37 percent, data with the Bombay Stock Exchange (BSE) showed. It had touched an intra-day high of 165.50.

The stock had jumped 11.02 percent the day before.

The shares of the Anil Dhirubhai Ambani Group company had risen Wednesday after reports that the UAE-based Etisalat was in talks to buy a 25 percent stake in the company.

Reliance Communications, which has been in talks for an overseas partner, strategic or for equity, for nearly two years now, was noncommittal about the specific report of stake sale to Etisalat, but did not rule out such a possibility.

‘The company has been receiving various proposals from time to time from reputed international telecom companies expressing interest in acquiring a strategic equity stake in Reliance Communications,’ the company had said in a regulatory filing.

‘The company evaluates such proposals in line with the company’s policy to constantly endeavour to enhance overall shareholder value,’ it said, adding it would disclose any developments at an appropriate time.

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