BT: Anil Ambani’s Reliance Communications Enterprises pledges 12.50 cr shares of RCom with IndusInd Bank

24 March 2019: Debt-ridden Reliance Communications Enterprises has pledged 4.52 per cent of its holding in Reliance Communications (RCom) amounting to 12.50 crore shares with private sector lender IndusInd Bank, according to a PTI report.

Anil Ambani-led Reliance Communications Enterprises (RCE) currently holds 17.74 per cent stake, or 49.06 crore shares, in RCom, of which it had previously pledged 4.85 per cent, the agency reported.

With the fresh pledge on March 22, the total pledged shares by RCE now stands at 9.37 per cent of total share capital or 25.90 crore shares, it reported. 

Last week, lenders of RCom sold 12 crore pledged shares, which accounted for 4.34 per cent stake of promoters in the telecom firm. The pledged shares belonged to promoters including that of Ambani, his family members and RCom group entities, according to a BSE filing.

Reliance Communications, which was once the crown jewel of Anil Ambani’s business, witnessed significant decline in the promoter stake due to invocation of pledged shares by lenders. After filing for bankruptcy on February 1, 2019, there has been surge in selling of pledged shares of the company, especially by financial companies. 

Earlier this month, cash-strapped RCom saved chairman Anil Ambani from going to jail by paying Swedish telecom equipment maker Ericsson dues of Rs 462 crore. Last month, the Supreme Court had held Ambani in contempt for not following its order to pay back Rs 550 crore to Ericsson for its services to now-defunct Reliance Communications.

The Business Today reported

Categories: General News, India Bankruptcy

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