Reliance Communications gets bondholders’ nod for asset sale
RCom had last week moved the Supreme Court in an attempt to complete the asset sale and to also avoid going to the National Company Law Tribunal.business Updated: Mar 21, 2018 15:56 IST
India’s Reliance Communications Ltd (RCom) said on Wednesday its bondholders had approved their asset-sale plan, which includes the sale of certain assets to upstart rival Reliance Jio Infocomm Ltd.
Holders of the debt-laden telecom operator’s $300 million bonds have also approved the monetisation of other real-estate assets, RCom said in a statement.
RCom also got approval for the partial release of noteholder collateral to help the sale get underway, the company said, adding the proceeds would be used for partial redemption of notes.
RCom had last week moved the Supreme Court in an attempt to complete the asset sale and to also avoid going to the National Company Law Tribunal.
Earlier this month, the firm lost its appeal in the Bombay High Court against an arbitration tribunal ruling in the Ericsson case, where the Swedish company sought payment of unpaid dues.
Anil Ambani-controlled RCom got shareholders’ nod in February to sell its wireless assets to Reliance Jio, the telecom unit of Mukesh Ambani-led Reliance Industries Ltd.
First Published: Mar 21, 2018 15:56 IST