Reliance Communications Ltd. (RCom) said on Wednesday its bondholders had approved their asset-sale plan, that includes the sale of certain assets to upstart rival Reliance Jio Infocomm Ltd.
Holders of the debt-laden telecom operator’s $300 million bonds have also approved the monetisation of other real-estate assets, RCom said in a statement
RCom also got approval for the partial release of noteholder collateral to help the sale get underway, the company said, adding the proceeds would be used for partial redemption of notes.
Earlier this month, the company lost its appeal in the Bombay High Court against an arbitration tribunal ruling in the Ericsson case, where the Swedish company has sought payment of unpaid dues.
Wireless assets
Anil Ambani-controlled RCom got shareholders’ nod in February to sell its wireless assets to Reliance Jio, the telecom unit of Mukesh Ambani-led Reliance Industries Ltd.
RCom shares surged 8.9% to close at ₹25.20 on the BSE on Wednesday, valuing the company at ₹6,969 crore.