Shares of Dhirubhai Ambani Group advanced on Monday after media reports suggested that the group may have reached an in-principle understanding with more than 90% of its lenders concerning sale of shares.

As per reports, the lenders to Dhirubhai Ambani Group have agreed not to sell the pledged shares in the group till September. Further, the group informed the lenders that it had assigned investment bankers to sell upto 30percenet of the shareholding in Reliance Power Limited to institutional investors to repay the banks.

Reacting to this development, the Reliance group stock was on upper circuit through the post-morning session today. Accordingly, shares of Reliance Communications rose 12.73 percent, Reliance Infrastructure rose 10.61 percent and Reliance Power surged 10.78 percent and Reliance Naval & Engineering climbed 4.68 percent in trade at 12:00 hours today on the NSE.