Meanwhile, the S&P BSE Sensex was up 146.05 points, or 0.43% to 33,994.08.

High volumes were witnessed on the counter. On the BSE, 3.69 crore shares were traded in the counter so far, compared with average daily volumes of 1.05 crore shares in the past one quarter. The stock had hit a high of Rs 41.77 in intraday trade, which is also a 52-week high for the stock.. The stock had hit a low of Rs 34.05 so far during the day. The stock had hit a record low of Rs 9.60 on 15 November 2017.

The large-cap company has equity capital of Rs 1382.77 crore. Face value per share is Rs 5.

The stock has surged 127.71% in four sessions to its ruling price, from a close of Rs 16.31 on 22 December 2017.

Reliance Communications (RCom) announced that it has signed definitive binding agreements with Reliance Jio Infocomm (RJIO) for sale of wireless spectrum, tower, fiber and media convergence node (MCN) assets.

Reliance Jio Infocomm is a leading telecom operator and a subsidiary of Reliance Industries (RIL). Shares of RIL rose 0.11% to Rs 925.40.

RCom said that it worked closely with all lenders and SBI Capital Markets, the advisors appointed by the lenders, to run a competitive process for the monetisation of its valuable assets, comprising 122.4 MHz of 4G Spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, amongst the top 3 independent tower holdings in India, 1,78,000 RKM of fiber with pan India footprint and 248 media convergence nodes, covering around 5 million square feet used for hosting telecom infrastructure.

RJIO emerged as the highest bidder in a transparent process conducted under the supervision of a high-powered bid evaluation committee, comprising experts from banking, telecom and law. The company expects the transactions to close in a phased manner between January and March 2018, subject to lenders' and other applicable approvals. The RJIO deal consideration comprises primarily of cash payment and includes transfer of deferred spectrum installments payable to the Department of Telecommunication (DoT).

The company will utilise the proceeds of the monetisation of this cash deal solely for pre-payment of debt to its lenders.

On 26 December 2017, RCom had announced its exit from the Reserve Bank of India (RBI)'s strategic debt restructuring (SDR) framework, with zero equity conversion and zero loan write-offs for lenders and bond holders. Upon completion of all transactions as announced, the balance debt in RCom is expected to be approximately Rs 6000 crore only, representing reduction of over 85% of total debt.

On a consolidated basis, RCom reported a net loss of Rs 2709 crore in Q2 September 2017, compared with net profit of Rs 62 crore in Q2 September 2016. Net sales declined 48.7% to Rs 2615 crore in Q2 September 2017 over Q2 September 2016.

RCom has established a pan-India digital network that is capable of supporting services spanning the entire communications value chain, covering over 21,000 cities and towns and over 400,000 villages. RCom owns and operates the world's largest Next-Generation IP-enabled connectivity infrastructure, comprising over 280,000 kilometres of fibre optic cable systems in India, the USA, Europe, Middle East and the Asia-Pacific region.