The scrip of Reliance Communications Ltd (RCom) was trading with healthy gains in noon, after rising dramatically during the morning on the week-end news of its $11-billion telcom tower agreement with GTL Infra.

The company's shares remained up by 4.36% at Rs. 200.90, around 1.30 p. m., as against its last closure at Rs 192.50. The scrip had shot up soon after opening bell to Rs 204.75.

The Anil Ambani-led company on Sunday announced that it would combine its tower business with GTL Infra in a Rs 50,000 crore deal in order to create the world's biggest independent telecom infrastructure company.

The company stated that the agreement, which is likely to be finished by the next six months, would lead to "cash infusion to RCOM, leading to substantial reduction of its consolidated gross debt and improved leverage ratios, contributing to enhanced financial flexibility."

GTL Infra's share too was ruling higher at Rs 47.60, up 4.96% as against its last closure at Rs 45.35. It also hit an intra-day high of Rs 54.40 during early trade.

Though the companies did not reveal the particulars of the contract, market analysts pegged RCom's gains around Rs 15,000 crore.

In a statement, the company said, "Further details of the quantum of cash infusion to RCom, and the share swap ratios for RCom and RINFRATEL minority shareholders will be finalised in due course with the help of independent valuers and advisors."

RCom said it will get hold of the 200,000 km fibre optic network of the Reliance Infratel, and the shareholders of both companies will receive shares of the new entity, which will be listed. (With Inputs from Agencies)