Rcom Plans to sell 5% stake in Tower Business

Thebullishtrends : Rcom is trading at Rs.693, has gained Rs.12 today compared to friday's closing. As per the reports, Rcom plans to sell more than 5% of it's take in tower business to Financial investors and Hedge funds, the deal is a bigger one compared to earlier. Rcom has got licence to provide GSM based services in 16 circles, but it is waiting for the spectrum allocation. Tower business is a seperate entity for Rcom either it has to list or have to issue shares with small premium to it's share holders. Rcom posted Rs.801crore net profit on Rs.3328crore sales, for the quarter end Sept'07.