| BT Online Bureau Mumbai Last Updated: July 8, 2013 | 00:00 IST  PHOTO: Reuters Reliance Communications' shares jumped over 9 per cent to touch a 52-week high in morning trade on Monday, after the company announced it is hiving off its real estate assets into a separate listed company. In a bonanza for its shareholders, billionaire Anil Ambani-led company has announced it is hiving off its entire real estate assets, estimated to be of around Rs 12,000 crore, into a separate listed company. Reliance Properties will work with leading global partners to develop the real estate, according to the company's statement. Besides unlocking the value of its real estate, RCom shareholders will free shares in Reliance Properties in the ratio 1:1. Cheering the news, shares of Reliance Communications opened the day on a firm note and spurted by 9.29 per cent as the trade progressed to Rs 148.20 - its 52-week high on the Bombay Stock Exchange. At the National Stock Exchange, the stock zoomed up by 9.24 per cent to touch its one-year high of Rs 148.25. "The demerger is expected to enhance value for RCom's existing shareholders. This spin-off is another effort in anticipation for the group to raise funds through an imminent stake sale," Angel Broking said in a report. The proposed separation of real estate into a separate unit is part of RCom's strategic plan to divest non-core assets, and focus on its core wireless and enterprise business. With inputs from PTI  via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFcmAyM3vT9vpokx7IQvGF7fgpz0g&url=http://businesstoday.intoday.in/story/rcom-shares-on-assets-hive-off-reliance-properties-july-8/1/196525.html | |||
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Monday, 8 July 2013
RCom shares hit year-high on realty assets hive off plans - Business Today
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