Reliance Communications shares zoom almost 32% on debt revival plan

RCom outlines asset sale plan for paring debt

"Traders got excited based on the newsflow about RCOM debt settlement".

The reduction would allow the company to provide "zero" write-offs to lenders and bondholders, as well as no conversion of debt to equity, Anil Ambani, the businessman backing the company, told a news conference, adding foreign lenders have supported the plans. "RCOM's balance debt is expected to be a highly conservative ~ Rs. 6,000 crore only, upon completion of all transactions", the company added. Ambani said that some global partners are interested in equity infusion in the company, even as the company expects to close all transcation between January-March 2018.

The BSE said the exchange has sought clarification from Reliance Communications Ltd on December 20, 2017 with reference to news flashed on dated December 20, 2017 quoting "Mukesh's Jio leads to buy Anil's Rcom's assets".

RCom's troubles have been exacerbated by a price war triggered by the entry of Anil's elder brother Mukesh Ambani's wireless venture Reliance Jio Infocomm in September previous year.

"This is the crises of the wireless telecom sector", Ambani said.

Ambani said RCom will have an estimated enterprise value of 150 billion rupees after the debt restructuring.

Tearful meeting with mother and wife for Kulbhushan Jadhav
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Rajinikanth to announce his stand on entering politics on New Year Eve
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Canada's Brookfield Asset Management Inc is set to acquire a majority.

The debt reduction process will see the company repaying about 210 billion rupees of debt to domestic banks, who have been under pressure from the federal government to trim their large loan exposure to corporates.

Chinese lenders have agreed to the debt resolution plan and it aims to resolve issues with unsecured creditors as well in a few weeks, Ambani said.

RCom will now transform its cable business into B2B business, Ambani said.

Shares of RCom jumped on Tuesday after the debt recast plan was announced.

The stock rose sharply by 30.78 per cent to settle at Rs 21.33 on BSE.

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