The Anil Ambani-led firm has been looking to sell assets to help restructure and reduce debt on its books.
In June, the companys domestic lenders decided to invoke the Strategic Debt Restructuring Scheme and convert Rs 7000 crore in debt into a majority equity holding. As part of the plan, the company said it would raise Rs 33,000 crore through asset sales. At the time, the company planned to merge its wireless business with Aircel Ltd. and sell stake in its mobile towers business to Canadian investor Brookfield Infrastructure.
Neither of the deals went through.
Trouble mounted after shares of Reliance Communications fell below the agreed conversion price of Rs 24.71 per share. This meant that lenders would take a hit immediately upon…
Read the full article at: https://www.bloombergquint.com/business/2017/12/26/rcom-to-exit-restructuring-plan-with-zero-write-off-to-lenders