RCom shares zoom nearly 32% on debt reduction plan

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RCom had close to Rs 45,000 crore debt on its books in October 2017, Ambani said.

He said the deal involved an eight-stage asset monetisation process under an oversight committee headed by former RBI deputy governor S S Mundra with members from Trai and the whole process will be completed in 40 days flat.

RCom will be able to reduce debts by INR 25,000 crore through prepayment, he said. Crippled Reliance Communications (RCom) announced yet another debt revival plan today claiming full debt resolution by March but without involving any conversion of debt into equity and exiting the SDR framework, apart from coming on-board of a strategic investor.

"Saying that going forward Reliance Communications will be a business-to-business (B2B) company, he added the company achieved this debt restructuring by asset monetisation and selling real estate". During the day, it zoomed 41 per cent to Rs 23.

The stock of RCOM has been on the rise since last week after there were rumours that Mukesh Ambani would be buying the assets of Anil Ambani's RCOM.

Embattled telecom company Reliance Communications Ltd faced another setback on. RCom has already made a decision to shut its 2G wireless business and merge its 4G services with its enterprise unit. The company's market valuation went up by Rs 1,388.88 crore to Rs 5,898.88 crore.

As part of the plan, the company had said it would raise Rs 33,000 crore through asset sales. The company's shares rose as much as 38 percent on the news.

Trouble mounted after shares of Reliance Communications fell below the agreed conversion price of Rs 24.71 per share.

In November, RCom defaulted on its outstanding United States dollar bonds - the first such default by an Indian company in 15 months.

Two major Chinese lenders plan to support a move by China Development Bank to.

In November, RCom sold its direct-to-home subsidiary, Reliance BIG TV, to Veecon Media and Television for an undisclosed amount.



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