BackR-Com soars 15% on news PE firms are in talks to buy unit
R-Com says Samena Capital, and other PE funds, are in advanced stage of talks to buy Reliance Globalcom
Premium(Reliance Communications shares gained 13.47% on BSE to `97.70, while the 30-share benchmark Sensex gained 0.81% to 19,169.83 on Monday.)
Mumbai: Shares of Reliance Communications Ltd surged nearly 15% on Monday afternoon, taking gains so far this month to more than 79%, after the telecom operator said private equity companies were in advanced talks to buy its global communications services unit Reliance Globalcom Ltd.
In a notice to the BSE, Reliance Communications said that Samena Capital, in a proposed consortium with certain other global private equity funds, is at an advanced stage of the process of due diligence and completion of definitive documents to buy Reliance Globalcom, and the intended time line for completion is the end of May 2013.
The statement said there was no certainty the talks will lead to a transaction. Samena Capital and the telecom operator are no longer in discussions with Batelco (Bahrain Telecommunications Company) for any such sale, the company said.
Reliance Communications shares gained 13.47% on BSE to ₹ 97.70, while the 30-share benchmark Sensex gained 0.81% to 19,169.83 on Monday.
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