New Delhi : Anil Ambani-led telecom firm Reliance Communications (RCom) on Friday said the National Company Law Appellate Tribunal (NCLAT) has passed an interim order to allow the company to execute its Rs 25,000-crore asset monetisation programme.
The development comes a day after the Supreme Court vacated a Bombay High Court order, which had stayed the sale of assets of RCom.
“By an interim order passed today, the NCLAT has vacated the remaining stay, and allowed execution of sale deeds and deposit of the proceeds with SBI in an escrow account. Based on these orders, RCom can now proceed with completion of its entire asset monetisation plan, covering spectrum, towers, fibre, MCNs (media convergence nodes) and real estate,” an RCom spoke
sperson said.
The spokesperson said the company had moved the NCLAT on Friday for vacation of the stay in relation to sale of its tower and fibre assets as directed by the Supreme Court.
“RCom is now very confident of achieving overall debt reduction of approximately Rs 25,000 crore within the next few weeks…,” the spokesperson said, adding that the distribution of proceeds of only the tower and fibre will be subject to the final decision of the NCLAT on April 18, 2018. Based on legal advice, RCom believes the claim of the minority investors in the tower and fibre proceeds, which is fully disputed by the company, “can at best be Rs 200-300 crore,” he said.
Sistema Shyam lowers stake in RCom to 4.9%
NEW DELHI: Indian telecom arm of Russian company Sistema SSTL on Friday sold off around 2 per cent of its equity holding in debt-ridden Reliance Communications in open market, thereby lowering its stake to 4.9 per cent. “…we hereby inform you sale of 5,83,10,661 equity shares of Rs 5 each representing 2.108 per cent of shares of Reliance Communications,” Sistema Shyam Teleservices said. At the closing price of RCom shares, the transaction value comes to around Rs 142 crore. SSTL merged with RCom in October 2017. The company had 10 per cent stake at the time of merger.