RCom shares advanced by 9% on tower sale reports

Shares of Anil Ambani-led Reliance Communications (RCom) advanced by over 9 per cent on BSE, the most in two months, amid reports that American Tower Corporation (ATC) may be the highest bidder for the company's tower assets.

While the broader market was lackluster, the RCom counter saw brisk activity and settled 9.36 per cent higher at Rs 99.30 a piece on the BSE, the biggest gainer on the index. The stock touched an intra-day high of Rs 100.20 on BSE. American Tower's Indian arm agreed to acquire Essar Group's tower unit for about $ 430 million in February 2010.

The company has been scouting for buyers for its tower unit, Reliance Infratel Ltd. Last year, the company had even tried to seal a deal with GTL Infrastructure Ltd to sell about 50,000 towers.

However, the deal collapsed. According to media buzz, the four bidders who have evaluated RCom tower assets, are seeking significant discount for the company's tower arm and ATC may be the highest bidder for RCom towers.

The tower's valuation was down sharply due to telecom turmoil, the reports said. The BSE bellwether Sensex finished the day 30.30 points higher at 18,469.95.