Reliance Communications share price spikes 6% on asset sale buzz

rcom

Reliance Communications share price hit their upper circuit, spiking over 6 percent, intraday on November 25 following reports that Bharti Airtel, Reliance Industries and three others may bid for the assets of the debt-ridden company.

The last date to submit bids is November 25 and RCom committee of creditors will also meet the same day to open bids.

According to sources, Varde Partners and UV Asset Reconstruction Company are also among the contenders for RCom’s assets.

Reliance Industries will submit its bid through its subsidiary, PTI reported.

RCom’s secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August. As per NCLT order, the resolution professional has to complete the process by January 10, 2020.

Reliance Communications chairman Anil Ambani tendered his resignation after the company posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.

At 1037 hours, Reliance Communications was quoting at Rs 0.69, up Rs 0.03, or 4.55 percent. It has touched an intraday high of Rs 0.69 and an intraday low of Rs 0.69

News Source: moneycontrol

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