INSUBCONTINENT EXCLUSIVE:
MUMBAI: Reliance Communications (RCom) has called for meeting on August 10 of the holders of its overseas bonds worth $300 million to
consider if a restructuring is possible, which may give the Anil Ambani-held telco a longer tenure and better rates.
The company, which has
not been paying interest on its global bond holdings since it is undergoing asset monetisation program, had issued $300 million worth senior
a regulatory filing.
The meeting will be held on August 10, in London
The RCom stock ended 1.6% higher at Rs12.97 on the BSE Friday.
The company had previously called for a bond holders meeting in March, where
they got the approval from the holders of bonds worth $300 million for sale of wireless assets to Reliance Jio Infocomm (Jio), and also for
the sale of some of its real estate assets, to pare its debt.
Rcom, under a debt of Rs 45,000 crore, decided to sell most of its wireless
The telco, which came under severe competitive pressure, shut its 2G and 3G wireless business in late 2017.
The telco, which now primarily
has enterprise business and an under-sea cable wire business, is confident of closing the Jio deal in the July-September quarter of this
fiscal year.
For the April-June quarter, RCom posted a loss of Rs 343 crore compared with Rs19,776 crore in the previous quarter
However, had the company provided interest and foreign exchange losses, the overall loss would have been higher.
