Debt-ridden telecom firm Reliance Communications has skipped payment of debentures worth Rs 375 crore which was due on February 7.
Debt-ridden telecom firm Reliance Communications has skipped payment of debentures worth Rs 375 crore which was due on February 7. “Company has not made payment of 3rd instalment of Rs 375 crore of principal on NCD’s (non-convertible debentures) which was due on 7th February 2018,” RCom said in a regulatory filing.
It said the company is in strategic debt restructuring (SDR) invoked by JLF (joint lenders forum comprising holders of Non Convertible Debentures) and that no record date shall be fixed for payment on NCDs.
RCom referred to its earlier communication regarding asset monetisation programme and the signing of binding agreements for sale of wireless spectrum, tower, fibre and media convergence node (MCN) assets.
“Presently, the company is working expeditiously to complete the process and expects to close the same in a phased manner by March, 2018, subject to receipt of applicable approvals,” RCom said.
The loss making RCom closed mobile calling service on its network from December 1 in about half of the country, and the rest from December 29.
The company continues to operate business-to-business (B2B) solution which comprises global and Indian enterprise, Internet data centres (IDC), global submarine cable network and international long distance voice with about 40,000 global and Indian customers.
Shares of RCom closed at Rs 27 a unit, up 1.69 per cent, on BSE.