Reliance Communications stock rises over 64% in two days on Anil Ambani's debt reduction plan

The Reliance Communications stock rose on Wednesday after its Chairman Anil Ambani announced a new plan aimed at reducing the company's debt burden by about Rs 25,000 crore through the sale of some of its spectrum, tower and fibre network assets.

At 12:12 pm, the stock was trading 22.41 percent or 4.78 points higher at 26.11 level on BSE. The stock which opened at 23.46 level hit an intra day high of 26.75 on BSE. The share closed 34.74 percent or 7.41 points higher to 28.74 level on the BSE.

The stock closed 30.78 percent or 5 points higher at 21.33 level on Tuesday after Ambani's announcement. The stock is down 23 percent on an year-to-date basis. On an yearly basis, it has fallen 21 percent on the BSE.

The Anil Ambani-owned firm is reeling under a debt mountain of over Rs 44,000 crore.

Ambani indicated a strategic investor would be coming on board RCom but did not disclose any name.

He said the deal involved an eight-stage asset monetisation process under an oversight committee headed by former RBI deputy governor S S Mundra with members from Trai and the whole process will be completed in 40 days flat.