Shares of Reliance Communications today surged over 6 per cent after the company said it has started the process to monetise its real estate assets in Delhi and Mumbai as part of efforts to pare debt. The stock, after a positive opening, gained 5.82 per cent to Rs 20.90 on the BSE. On the NSE, it went up by 6.34 per cent to Rs 20.95.
Reliance Communications, which is saddled with Rs 45,000 crore of debt, has got a 7-month reprieve from banks to service it. “We wish to inform… that the company has initiated the monetisation programme for its real estate properties,” the company said in a regulatory filing yesterday.
The company has come out with an advertisement in newspapers to sell or lease Reliance Centre building in Delhi. It has also listed DAKC IT Park in Navi Mumbai for sale or lease. Like its larger rivals, RCom too has been hit hard by intense price war unleashed by Reliance Jio.