Right from morning, RCom has been the top gainer on the BSE, going up 18% to Rs.16.80.
On Friday, the Supreme Court has given Rcom the approval to sell its airwaves to Jio, putting to naught DoT’s objections. This means Rcom will now be able to sell the spectrum and raise good money to reduce debt.
Following this news, the unconfirmed news today morning from Economic Times is that one of its subsidiaries, Reliance Realty has given a Rs.1400 crore corporate guarantee to the DoT, leading to the closure of the pending spectrum sales to Reliance Jio.
The Supreme Court directive to DoT is to approve the spectrum deal with Jio within seven days of getting a corporate guarantee.
This spectrum sale is expected to bring in Rs.3000 crore to Rcom while debt is around Rs.46,000 crore.