At 1208 hours, around 42.45 million shares have changed hands at price of Rs 58.35 on the BSE, the exchange data shows.

The stock moved up 2.97 per cent to Rs 60.60 on BSE.

The discussions are indicative and non-binding in nature, and remain subject to due diligence, definitive documentation and approvals, as may be necessary. There is no certainty that any transaction will result, said RCom in a statement.

According to a source: "The Ministry has sought legal opinion on the matter so as to undertake further course of action."

Russian billionaire Vladimir Yevtushenkov, owner of conglomerate Sistema group, is learnt to have met Reliance Group chairman Anil Ambani recently to discuss combining their wireless operations in the country. Yevtushenkov on Friday confirmed a media report that he met the Indian tycoon for a possible JV but denied any plans to sell off the Indian unit.

Reliance Industries in 2010 acquired Infotel Broadband, which had won pan-Indian BWA spectrum in auctions to be used for 4G services.

R-Jio, which will start operations later this year, has spent $14 billion so far, more than India’s third largest mobile phone operator Idea Cellular Ltd.

While in roaming, call rates will be cheaper by up to 40 per cent and SMS by up to 75 per cent.

"The company has launched, closed and priced the issue of Notes on April 27, 2015. The Notes have a tenor of 5-1/2 years due in 2020 and carry a coupon of 6.5 per cent per annum, payable semi annually. The Notes are expected to be settled by May 6, 2015. The Notes will be listed on the Singapore Stock Exchange," RCom said in a statement today.

This is the first time that R-Com is tapping the overseas market as it seeks funds for capital expenditure and payments related to the recently concluded spectrum auctions, one of the persons cited above said.