Reliance Communications share price rose in early trade today following reports that the deadline to submit bids for the assets of the company and its 2 subsidiaries will end today.
Reliance Jio Infocomm Ltd and Bharti Airtel and three others have reportedly submitted bids for the possession of assets of the beleaguered company and its two subsidiaries namely Reliance Telecom Ltd and Reliance Infratel Ltd.
Following the news, Reliance Communications share price rose 4.35% to the intraday high of Rs 0.72 compared to its previous closing price of Rs 0.69. The stock price has risen over 26% in last 6 sessions.
0.96 lakh shares and 25.3 lakh shares of Reliance Communications change hands on BSE and NSE. Market depth data on BSE indicate 155.84 lakh buyers and no sellers for the stock.
Reliance Communications, that shut its mobile voice operations in December 2017 has put out assets for sale include spectrum, towers, fibre, data centres and real estate under its subsidiaries Reliance Telecom and Reliance Infratel. The proceeds from the sale of assets will be used to pay 41 creditors to the Reliance Group.