ET: Lenders sell 12 cr shares of Reliance Communications

14 March 2019: Lenders of Anil Ambani-led Reliance Communications Wednesday sold 12 crore pledged shares, which accounted for 4.34 per cent stake of promoters in the telecom firm. The sale was a result of lenders invoking shares pledged with them.

The pledged shares belonged to promoters including that of Ambani, his family members and RCom group entities, according to a BSE filing.

With this sale of shares, promoters’ stake in the company has come down to 37.57 per cent from 41.91 per cent earlier.

At the current market price, the value of stock sold comes around Rs 59 crore.

The company has been reeling under a debt of around Rs 47,000 crore and has opted for invoking bankruptcy proceedings. The matter is sub-judice.

The shares of RCom on Wednesday closed at Rs 4.91 a unit, down by 4.1 per cent, at the BSE.

The Economic Times reported



Categories: General News, India Bankruptcy

Tags: , , , , , ,

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: