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Reliance Communications surges further on Indian bourses

Mumbai, June 3 (IANS) Reliance Communications, a part of the Anil Ambani group, saw its scrip surge further Wednesday after the company said it was, indeed, evaluating various offers from global telecom firms for acquiring strategic stake in the company.

The company’s scrip was ruling at 164.10, up 6.14 percent, around 2 p.m., data with the Bombay Stock Exchange (BSE) showed. This rise was over and above the 11.02 percent surge the day before.

The shares of Reliance Communications 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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