Reliance Communications (RCom), one of the leading telecom operators in India, climbed on Friday after media reports quoted, that the company is in exclusive talks to sell a 50% stake in its undersea cable business to Hong Kong's Citic Telecom for USD 500 million (Rs 29.25 billion) to USD 600 million (Rs 35.10 billion).

"The talks for a 50:50 JV (for the cable assets) are quite advanced. It should be wrapped up in the next couple of weeks," the media reports quoted, as the company steps up efforts to raise funds to pare debt. The overall business is being valued at USD 1 billion to USD 1.2 billion.

Shares of the company are trading at Rs 142.60, up Rs 3.9, or 2.81% at the Bombay Stock Exchange (BSE) on Friday at 11:56 a.m.

The scrip has touched an intra-day high of Rs 143.90 and low of Rs 140.05. The total volume of shares traded at the BSE is 952,611.

In the earlier session, the shares rose 0.4%, or Rs 0.54, at Rs 138.70. Currently, the stock is trading down 13.29% from its 52-week high of Rs 164.45 and above 41.82% over the 52-week low of Rs 100.55.