Shares of Reliance Communications rose 10 percent intraday on March 19 to hit the upper circuit after the Anil Ambani-led company said it paid Rs 550 crore to Swedish company Ericsson.
"The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Hon'ble Supreme Court," the company said in an exchange filing on March 18.
The company in another press release further said the agreement between the company, RTL, RITL (RCOM Group) and Reliance Jio for sale of certain specified telecom assets was terminated by mutual agreement.
The reasons cited for the termination are non-receipt of consents/objections from RCOM's lenders, non-receipt of requisite permissions and approvals from DoT, and the order passed by NCLAT restraining the sale, transfer or alienation of any movable or immovable property of RCOM, RTL and RITL.
related news Hotel Leela Venture locked at upper circuit on sale of hotel properties for Rs 3,950 cr Chalet Hotels climbs over 4% after JM Financial initiates coverage with 'buy' call Coffee Day Enterprises falls 4% on stake sale in MindtreeAt 10:00 hrs, Reliance Communications was quoting at Rs 4.40, up 10 percent on the BSE.
For more market news, click here First Published on Mar 19, 2019 10:19 am
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