Rcom hits a new high, again

Reliance Communication which has been having a good run on the otherwise pessimistic markets is the top gainer on the BSE today morning. The stock is up almost 6% at Rs.143.25 and it has already hit another new 52-week high today at Rs.148.

The stock is up in the green after it announced today morning, much ahead of the market opening that at its scheduled Board meeting yesterday, it has decided to unlock value from its realty division, demerging it into a separate company, Reliance Properties, which are also to be listed. All shareholders of Rcom are to receive fully tradeable pro-rate shares in the realty company, free of cost. The indicative monetisable value of Rcom’s realty unit on development is at Rs.12,000 crore and this works out to a value of Rs.60 per Rcom sh

The properties proposed to be developed by Reliance Properties includes prime land at Dhirubhai Ambani Knowledge City, Navi Mumbai measuring nearly 135 acres, with saleable area of over 15 million sq. ft. It also has property near Connaught Place, New Delhi measuring nearly 4 acres.

The market feels that two more deals might soon get announced in the coming days - intracity fibre and sub-sea cable assets.