RCom is now very confident of achieving overall debt reduction of approximately Rs 25,000 crore within the next few weeks, from its asset monetisation programme announced in December 2017.
Reliance Communications share price rallied 8 percent intraday Friday after the company is allowed to proceed with full asset monetisation.
As directed by the Supreme Court, Reliance Communications (RCom) moved the National Company Law Appellate Tribunal (NCLAT) today for vacation of the stay in relation to sale of its tower and fiber assets.
The SC had itself vacated the stay in relation to spectrum, MCNs and real estate on Thursday. 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, the company said in its filing.
Based on these orders, RCom can now proceed with completion of its entire asset monetisation plan, covering spectrum, towers, fiber, MCNs and real estate.
RCom is now very confident of achieving overall debt reduction of approximately Rs 25,000 crore within the next few weeks, from its asset monetisation programme announced in December 2017.
The company said the distribution of proceeds of only the tower and fiber would be subject to the final decision of the NCLAT on April 18, 2018.
Based on legal advise, RCom believes the claim of the minority investors in the tower and fiber proceeds, which is fully disputed by RCom, can at best be Rs 200-300 crore.
At 15:19 hours IST, the stock price was quoting at Rs 24.30, up Rs 0.95, or 4.07 percent on the BSE.
