Rcom promoter seeks release of 33 crore pledged shares after stock surge
Shares for Rcom rallied for the fourth trading day to close at Rs 36.22 on BSE on Friday.
Mumbai: Reliance Innoventures Private Ltd., the promoters of Reliance Communications (Rcom), has asked its lenders/security trustees to release 33 crore pledged promoter shares, or 11.93% of the total shares, of the Anil Ambani-owned telco due to the recent rise in stock prices
The release of the shares, which makes up 22.53% of promoter group holdings that is held by subsidiaries, "is under process and is subject to compliance with relevant transaction documents," the company said in a regulatory filing on Friday.
Shares for Rcom rallied for the fourth trading day to close at Rs 36.22 a piece up by 16.99% on the BSE on Friday, a day after Mukesh Ambani-led Reliance JioInfocomm (Jio) bailed out younger brother Anil's debt-ridden telecom business by agreeing to buy the wireless assets - towers, optic fibre cable network, spectrum and media convergence nodes (MCNs) - for roughly Rs24,000 crore. RCom, which is weighed under a Rs45,000 crore debt, will use the proceeds to repay its lenders.
The release of the shares, which makes up 22.53% of promoter group holdings that is held by subsidiaries, "is under process and is subject to compliance with relevant transaction documents," the company said in a regulatory filing on Friday.
Shares for Rcom rallied for the fourth trading day to close at Rs 36.22 a piece up by 16.99% on the BSE on Friday, a day after Mukesh Ambani-led Reliance JioInfocomm (Jio) bailed out younger brother Anil's debt-ridden telecom business by agreeing to buy the wireless assets - towers, optic fibre cable network, spectrum and media convergence nodes (MCNs) - for roughly Rs24,000 crore. RCom, which is weighed under a Rs45,000 crore debt, will use the proceeds to repay its lenders.
During the day, the RCom stock soared 34.91 per cent to Rs 41.77 -- its 52-week high.
In four days, shares of the company have zoomed 122 per cent, adding Rs 5,506.76 crore to its market capitalisation.
The announcement came just a few days after Reliance Communications disclosed a new deal with the lenders under which Rs39,000 crore will be raised through sale of assets and real estate, averting an imminent takeover by the 35 local and foreign banks.
In four days, shares of the company have zoomed 122 per cent, adding Rs 5,506.76 crore to its market capitalisation.
The announcement came just a few days after Reliance Communications disclosed a new deal with the lenders under which Rs39,000 crore will be raised through sale of assets and real estate, averting an imminent takeover by the 35 local and foreign banks.
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