Shares of Anil Ambani led Reliance Communications (RCom) with
outstanding debt of ₹42,000 crore fell as much as 48% on Monday morning
Feb 04,2019 as the company plans to file for insolvency under the IBC code, being
unable to sell its assets to pare debts.
RCom shares on BSE fell down 48% to ₹6 on Monday morning after company announced its intention to file for bankruptcy in the NCLT.
The shares were trading down 37.5% at ₹7.3 at 11 am on Monday Feb 04,2019, valuing the company at ₹ 2,054 crore or 20 times lower than its outstanding debt to the bankers.
Company's Debt Resolution Plan under NCLT will include sale of all telecom infrastructure assets and spectrum, strategic monetisation of GCX, IDC & Indian Enterprise Business, and development of 30 million sq ft at the Dhirubhai Ambani Knowledge City (DAKC) complex and sale of other real estate assets, said a company statement on Sunday.
RCom shares on BSE fell down 48% to ₹6 on Monday morning after company announced its intention to file for bankruptcy in the NCLT.
The shares were trading down 37.5% at ₹7.3 at 11 am on Monday Feb 04,2019, valuing the company at ₹ 2,054 crore or 20 times lower than its outstanding debt to the bankers.
Company's Debt Resolution Plan under NCLT will include sale of all telecom infrastructure assets and spectrum, strategic monetisation of GCX, IDC & Indian Enterprise Business, and development of 30 million sq ft at the Dhirubhai Ambani Knowledge City (DAKC) complex and sale of other real estate assets, said a company statement on Sunday.
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