Shares of Anil Ambani-led Reliance Communications (RCom) on Wednesday advanced by over 9 per cent on BSE amid media reports that American Tower Corporation (ATC) may be the highest bidder for the company's tower.
The telecom giant witnessed a smart trading session during a lacklustre broader market and settled 9.36 per cent higher at Rs 99.30 a piece on Bombay Stock Exchange, becoming the biggest gainer on the BSE benchmark Sensex.
During the trade, the stock rose by 10.35 per cent to touch an intra-day high of Rs 100.20 on BSE. In a similar fashion, the scrip soared by 9.43 per cent to close at Rs 99.20 on the National Stock Exchange.
According to media buzz, the four bidders who have evaluated RCom tower assets, are seeking significant discount for company's tower arm and American Tower Corporation (ATC) may be the highest bidder for RCom towers.
The tower's valuation was down sharply due to telecom turmoil, the reports said. Meanwhile, the BSE bellwether
Sensex finished the day 30.30 points higher at 18,469.95.
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