UAE-based telecom operator, Etisalat is close to purchasing around 26% equity stake in Anil Ambani group firm Reliance Communications Ltd for approximately of Rs 15,000 crore.

RCOM representative refused to comment whilst Etisalat executives did not answer phone calls.

Sources near to the deal, however, stated Etisalat, which possesses 45% stake in new telecom operator Swan, is exercising modalities for the transaction, as an operator cannot hold over 10% equity stake in two telecom firms.

According to the sources, Etisalat is in talks with RCom to purchase equity stake at book value of Rs 252 per share as against its existing market price of more than Rs 191.

SMC Global Vice-President Rajesh Jain stated, "The deal, if it comes through, will be favourable for the company. On Monday, the scrip managed to rise even in the weak broader market, which shows the investors' confidence in the stock."