RCom shines on plan to sell 50% stake in undersea cable business to Citic Telecom

Reliance Communications (RCom) is currently trading at Rs. 142.50, up by 3.80 points or 2.74% from its previous closing of Rs. 138.70 on the BSE. The scrip opened at Rs. 140.05 and has touched a high and low of Rs. 143.90 and Rs. 140.05 respectively. So far 492767 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 164.45 on 20-Sep-2013 and a 52 week low of Rs. 100.55 on 23-May-2013. Last one week high and low of the scrip stood at Rs. 143.90 and Rs. 123.50 respectively. The current market cap of the company is Rs. 29453.66 crore. The promoters holding in the company stood at 67.80% while Institutions and Non-Institutions held 20.82% and 11.11% respectively. Reliance Communications (RCOM) is in talks to sell a 50% stake in its undersea cable business to Hong Kong's Citic Telecom for $500 million (Rs 2,925 crore) to $600 million (Rs 3,510 crore), in order to raise funds to pare debt. Earlier, the company’s India Enterprise Business Services' unit had unveiled a game-changing bouquet of products and services for its corporate customers, targeted at changing the way Indian enterprises communicate and connect. RCom is India’s foremost and truly integrated telecommunications service provider. The company, with a customer base of about 150 million, including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country.