Anil Ambani’s stake in RCom dwindles to 22% after lenders invoke pledged shares

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Published: March 29, 2019 11:02:36 AM

Just days after RCom paid off Ericsson dues saving Anil Ambani from a possible jail term, his stake in the telco fell about 15% after private sector lender IndusInd Bank and Axis Trustee Services sold stake pledged with them.

Anil Ambani is not going to jail after all, and Ericsson AB got its money.Anil  Ambani’s stake in the firm declined to 21.97% from 37.57% earlier, after IndusInd Bank and Axis Trustee Services sold off about 15.6% in the firm.

Just days after RCom paid off Ericsson dues saving Anil Ambani from a possible jail term, his stake in the telco fell about 15% after private sector lender IndusInd Bank and Axis Trustee Services sold stake pledged with them. Anil  Ambani’s stake in the firm declined to 21.97% from 37.57% earlier, after IndusInd Bank and Axis Trustee Services sold off about 15.6% in the firm. While IndusInd Bank invoked 4.52% of the total of 9.37% pledged with it, Axis Trustee invoked pledged shares aggregating to 11.08% in RCom. The pledged shareholdings were invoked between March 25 and March 27, according to the stock exchange filing.

Also read: Share market LIVE: Sensex, Nifty erase gains; IndusInd Bank, ICICI Bank pull indices lower

RCom share price extended losses in the morning trade on Friday, down 4.83% to Rs 4.14.  Shares of RCom, which had fallen over 18% in the last four days till yesterday’a close, and declined 4.8% in intraday trade on Thursday and hit the lower circuit of Rs 4.35 on the BSE. The share price has fallen 32.9% in the last one month, according to Bloomberg data.

Earlier, Anil Ambani faced a possible jail term of three months, if his firm Reliance Communications failed to pay Ericsson by 19 March 2019, according to a Supreme Court order. Anil Ambani’s statement later suggested a possible bailout by elder brother Mukesh Ambani. Interestingly, the statement also confirmed that Reliance Communications has made a payment of Rs 550 crore and interest thereon to Ericsson, in compliance with the Supreme Court judgement.

“My sincere and heartfelt thanks to my respected elder brother, Mukesh and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture,” Anil Ambani said in a statement earlier last week.

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