After the files of Anil Ambani firm for bankruptcy, Reliance Communications share price decreases by almost 50%

After the files of Anil Ambani firm for bankruptcy, Reliance Communications share price decreases by almost 50%

Reliance Communications, led by Anil Ambani, on Friday, crashed after the firm filed for bankruptcy. RCom's share price in the morning trade fell from 48% to Rs. 7.60.

Reliance Communications, led by Anil Ambani, on Friday, crashed after the firm filed for bankruptcy. RCom's share price in the morning trade fell from 48% to Rs. 7.60. Specifically, in the stock exchange filing, RCOM said on Friday that its lenders had not received any income from asset monetization plans, and there was no progress in its overall credit settlement process.

"This unfortunate result is responsible for the following major unresolved challenges: 100% approval and lack of consensus, as on the RBI's February 12, 2018 circular, on all important issues, between more than 40 lenders, Indian and foreign 12 months Despite the passage and more than 45 meetings and; pendency of various legal issues at the High Courts, TDSAT and in many stages in the Supreme Court, "fur In said.

Reliance Communications shares fall 48% because the company proposes to be bankrupt

Anil Ambani's shares (led by Reliance Communications (RCom), with outstanding debt of Rs 42,000 crore, fell to 48% on Monday morning as the company plans to file for bankruptcy under the IBS Code, which is its own Unable to sell the property.

After the announcement of the intention of filing for bankruptcy in the NCLT by the company, the shares of RCOM on BSE fell to 48% to E6 on Monday morning.

The shares closed with a decline of 37.5% on Monday, at 11 o'clock, the company evaluated the company at a total of 2,054 crores or 20 times less than its outstanding debt.

Under the NCLT, the debt relief scheme of the company includes the sale of all telecom infrastructure assets and spectrum, GCX strategic demonstration, IDC and Indian enterprise business, and development of 30 million square feet in Dhirubhai Ambani Knowledge City (DACCC) campus and other actual Sale property property, said in a company statement on Sunday.

"The company has faced many of the most unstable issues raised by the Department of Telecommunications, due to these issues, many legal issues were faced in the High Courts, TDSAT and Honorable Supreme Court, which disappointed the present plan and now Addressed/resolved under the NCLT process, "said an RCom spokesperson.

The challenges raised by minority lenders can now be overcome by the rule of 66% majority of NCLT, against the 100% approval rule outside NCLT.

Financial planning to meet your future goals: Mutual fund

Reliance Communications board expects substantial volatile debt and liabilities under the NCLT process.

"The RCom Board will participate in the NCLT resolution process actively (without the voting rights), as has been clarified by a recent judgment of the Honorable Supreme Court," the statement of the company said that strong support from the Board with the requisite support There is also hope. The creditors' committee, resolution professional and NCLT in the interest of all stakeholders.

It has been said in the statement that the RCom board sees a fast track NCLT resolution free of all uncertainties and challenges in 2019. On completion of the NCLT resolution process, the board is confident of future prospects under new ownership.

Compromise with Jio

In December 2017, the company had entered into an agreement with Mukesh Ambani, under which Reliance Geo sold its telco property for 25,000 crores. However, it can only sell 5000 million properties.

The Rem 20,000 crore deal with Reliance Jio remained the same as it failed to get the DoT's approval for the sale of the spectrum because Reliance Jio refused to take responsibilities for RCom's past arrears.