Reliance Communications says not making any payment to lenders for time being

Reliance Communications says not making any payment to lenders for time being

PTIUpdated: Thursday, May 30, 2019, 02:11 AM IST
article-image

New Delhi: Reliance Communications on Wednesday said that it is not making any payment to lenders or bond-holders for the time being as it is under ‘standstill period’ with invocation of strategic debt restructuring scheme and working on asset-monetisation.

In a regulatory filing, the telecom operator said that is in standstill period till December 2018 pursuant to the SDR (Strategic Debt Restructuring) guidelines. “The Company has also announced various asset sales and a comprehensive debt resolution plan, as advised per our earlier letter dated 30th October 2017. Accordingly, for the time being, no payment of interest and/or principal is being made to any lenders and/or bondholders of RCom,” the Anil Ambani led firm said in a BSE filing.

The filing was in response to query of the stock exchange on report around RCom defaulting on payment of a US dollar bond. On October 30, RCom said that it plans to pay debt of 27,000 crore through asset monetisation, Rs 7,000 crore through equities and carry forward debt of Rs 6,000 crore to new business. The company has said that it plans to implement its debt resolution proposal within the standstill period. The RCom stock plummeted 12.12 per cent to Rs 10.15 on BSE.

RECENT STORIES

TCS Reports 6% Q1 Net Profit Rise To ₹12,760 Crore, Announces ₹11 Interim Dividend

TCS Reports 6% Q1 Net Profit Rise To ₹12,760 Crore, Announces ₹11 Interim Dividend

Stock Market Update: Sensex & Nifty Fall As IT Stocks Drag, Investors Await TCS Earnings

Stock Market Update: Sensex & Nifty Fall As IT Stocks Drag, Investors Await TCS Earnings

India Revises Proposed Retaliatory Duties Against US Over Steel, Aluminium Tariffs In WTO

India Revises Proposed Retaliatory Duties Against US Over Steel, Aluminium Tariffs In WTO

Govt Plans Fresh Stake Sale In LIC Via OFS To Meet 10% Public Float Norm By May 2027

Govt Plans Fresh Stake Sale In LIC Via OFS To Meet 10% Public Float Norm By May 2027

Indian Commerce Team To Visit Washington For Trade Talks; Key Sticking Points Include Dairy, Autos

Indian Commerce Team To Visit Washington For Trade Talks; Key Sticking Points Include Dairy, Autos