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rcom share locked in 5% upper circuit on bse

Monday, Feb 24 2020 11:44AM

Shares of Reliance Communications (RCom) jumped 5 percent and were locked in their upper circuit on February 24 ahead of the committee of the creditors meeting.

The company on February 23 said a meeting of the company's committee of creditors is scheduled to be held on Monday, February 24.

"The 18th meeting of the committee of creditors (CoC) of Reliance Communications Ltd is scheduled to be convened on Monday, February 24, 2020," RCom said in a regulatory filing.

No other details were disclosed.According to sources, the CoC on Monday will put to vote asset bids received from UV Asset Reconstruction Company and Reliance Jio from which lenders are expected to recover around Rs 23,000 crore.

UV Asset Reconstruction Company is learned to have placed a bid of around Rs 14,700 crore, while Reliance Jio has made an offer of Rs 4,700 crore for tower and fibre assets of Reliance Infratel Ltd. There will also be a clawback of Rs 4,300 crore of priority payments made to Chinese and Indian creditors.

Jio placed bid for tower and fibre assets of Reliance Infratel Ltd (RITL) and UVARC for assets of RCom and Reliance Telecom Ltd.

RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders submitted claims of around Rs 49,000 crore in August.

Reliance Communications has put all of its assets on sale that includes spectrum holding of 122 megahertz (MHz), tower business, optical fibre network and data centres.


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