Mumbai: Reliance Communications’s lenders, including State Bank of India, plan to meet as early as this week after the merger with Aircel was called off, according to people with the knowledge of the matter, who are not authorized to speak publicly and asked not to be identified.
SBI’s policy is to refrain from commenting on individual accounts and their treatment, its spokesman said in response to an email query regarding the lender meeting.
The RCom stock opened at Rs18.70 and touched a fresh all-time low of Rs16.75. At 2.38pm, it was trading at Rs17.10 on the BSE, down 10.94% from its previous close. So far this year, it has fallen 45%.
RCom chairman Anil Ambani said in June that creditors have given the company until December to sell its towers to Canadian asset manager Brookfield Infrastructure Group and merge the wireless business with Aircel
Reliance continues to be under “a standstill period” till December 2018 and expects to complete debt-restructuring process as per rules, it said in a statement on 1 October. Shareholders have approved the issue of equity shares to lenders by conversion of loans. Bloomberg
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.