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Debt ridden RCOM plans to issue shares to lenders

August 10, 2017

 

The board of Reliance Communications (RCOM) is planning to issue shares to its lenders for the debt that the operator has raised from them.

RCOM is likely to convene an annual general meeting of shareholders to seek their approval for converting debt into equity shares for privately placed non-convertible debentures and other debt securities.

The company has recently received time till December 2017 from its lenders to service loans amounting to Rs 450 billion. RCOM is currently undertaking a strategic debt restructuring exercise.

It has already announced sale of mobile towers to Brookfield Infrastructure and a proposed merger of its wireless business with Aircel group to reduce its existing debt by up to Rs 250 billion.

 
 

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