May 29, 2018 / 7:12 AM / a year ago

BUZZ-India's RCom rises after unit settles with minority shareholders

** Shares of debt-ridden Reliance Communications Ltd (RCom) rise as much as 9.8 pct to 16.80 rupees, their highest since May 18

** Unit Reliance Infratel informed the National Company Law Appellate Tribunal (NCLAT) that it has reached an agreement with minority shareholders regarding sale of its tower and fibre assets

** Settlement will enable RCom to proceed with asset monetisation as soon as it exits the debt resolution process

** NCLAT deferred hearing RCom’s appeal against insolvency proceedings by National Company Law Tribunal to Wednesday

** NCLAT has also given RCom time until Wednesday to reach a settlement with Ericsson, TV channels reported

** More than 140 mln shares traded, versus 30-day avg of around 135 mln shares

** Up to Monday’s close, stock had fallen 57.7 pct this year

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