Reliance Communications surges 15% as SC clears spectrum sale to Jio

Department of Telecommunications (DoT) to issue NOC for spectrum sale in 1 week after receiving the corporate guarantee.

relience

Shares of Reliance Communications surged 15 percent intraday Friday after Supreme Court (SC) provided relief to the company for sale of asset to Reliance Jio Infocomm.

Supreme Court cleared the decks for spectrum sale from Reliance Communications to Jio, reported CNBC-TV18.

SC directs company to furnish corporate guarantee of Rs 1,400 crore to DoT within 2 days through Reliance Realty, it added.

Department of Telecommunications (DoT) to issue NOC for spectrum sale in 1 week after receiving the corporate guarantee.

The share price of Reliance Communications declined 51 percent in last 9 months.

At 13:21 hrs Reliance Communications was quoting at Rs 13.77, up Rs 1.02, or 8 percent on the BSE.

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