Reliance denies reports of its intent to bid for BT

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“The article is completely speculative and baseless. We expect greater diligence and verification of facts before publishing such articles,” it added…reports Asian Lite News.

Calling reports completely speculative and baseless, Reliance Industries on Monday informed the stock exchanges that it has no intention to bid for UK telecoms group BT, media reported.

We categorically deny any intent to bid for the UK telecoms group, BT, formerly British Telecom, as reported in the article titled “Reliance Mulling Bid for UK’s Telco BT Group” published in The Economic Times dated November 29, 2021,” Reliance said in a statement.

“The article is completely speculative and baseless. We expect greater diligence and verification of facts before publishing such articles,” it added.

Following the reports earlier today, Reliance shares gained nearly 4% to eventually close 1.04% higher at ₹2,437.70 on NSE. BT stock has also gained as much as 9% in the UK markets, Mint reported.

A news report suggested that Mukesh Ambani-led Reliance might make an unsolicited offer to buy into BT or try to get a controlling share. It could also partner with BT’s networks arm Openreach and fund its fibre expansion plans, the report added.

The British company, whose shares have more than halved in the last five years, was already the subject of takeover speculation after Franco-Israeli billionaire Patrick Drahi bought a 12.1% stake this year, according to the report from Mint.

Meanwhile, the stocks of Sintex Industries have been rising ever since Reliance Industries emerged as one of the bidders who showed interest to acquire the bankrupt firm.

As per reports, Reliance Industries, ARES Capital-backed Assets Care and Reconstruction Enterprises, Welspun Group company Easygo Textiles, Trident, Himatsingka Ventures and GHFC have shown interest in Sintex Industries.

The company’s shares have doubled in the past month, rising 172 per cent so far in 2021, exchange data showed.

Currently, the company’s stock price is valued at Rs 12.25 per share.

The Gujarat-based textile company is currently undergoing corporate insolvency and resolution process in the National Company Law Tribunal (NCLT).

Sintex Industries, which was incorporated back in 1931, deals in textiles and yarns and has a presence across major Asian, European, US and African markets.

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