RCom Shares Surge 12% As Lenders Reportedly Approve Real Estate Asset Sale to Brookfield

Lenders of RCom have approved the sale of its real estate assets in Delhi and Chennai to Canada-based Brookfield

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RCom Shares Surge 12% As Lenders Reportedly Approve Real Estate Asset Sale to Brookfield

RCom is reeling under Rs 45,000 crore debt.

New Delhi:Reliance Communications shares closed 11.62 per cent higher at Rs 13.45 on Tuesday following reports that lenders of the debt-ridden company have approved the sale of its real estate assets in Delhi and Chennai. The sale is expected to take place to a Canada-based company Brookfield. The stock surged as much as 14 per cent to Rs 13.75 on BSE. On NSE, shares of the company closed higher by 12.86 per cent to Rs 13.60.

"Lenders have approved sale of real estate assets RCom holds in Delhi and Chennai for Rs 801 crore to Brookfield," a source said on condition of anonymity. Brookfield is Canada-based asset management firm.

When contacted RCom declined to comment on the development, while email query sent to Brookfield elicited no reply. The proceeds will be used for retiring debts, the source said. RCom is reeling under Rs 45,000 crore debt. On June 22, RCom had started the process to sell its real estate assets after it got seven month reprieve from banks to service the debt. The company was expected to receive Rs 11,000 crore from Brookfield.

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