The Supreme Court on Thursday has put a status quo on the plea submitted by the consortium of banks regarding selling its assets to the Mukesh Ambani owned Reliance Jio.
The Supreme Court on Thursday has put a status quo on the plea submitted by the consortium of banks regarding selling its assets to the Mukesh Ambani owned Reliance Jio.
The apex court had said that it will hear pleas of consortium of banks, R-Com against stay of assets sale by HC on April 5.
On Wednesday, Anil Ambani's Reliance Comunications got bondholders' approval regarding the sale in order to trim down the debts.
“The holders of the Company’s US$ 300 million bonds, at their meeting held on March 20, 2018, at London, approved with overwhelming majority the sale of assets to Reliance Jio Infocomm Ltd and also monetization of other real estate assets. The bondholders also approved release of their security on the Company’s assets and to accept part prepayment of their outstanding bonds,” Reliance Communications said in a press release on Wednesday.
Following the development, shares of Reliance Communications surged as high as 14.94% to a day’s high of Rs 26.55 before ending up 9.09% at Rs 25.2 on NSE while the stock zoomed 12.1% to a day’s high of Rs 25.95 before concluding up 8.86% at Rs 25.2 on BSE on Wednesday.
Earlier in December, Mukesh Ambani-owned Reliance Jio Infocomm (RJio) had agreed to buy wireless spectrum, towers and fiber from younger brother Anil Ambani’s firm Reliance Communications (RCom) which is reeling under high debt of about Rs 44,000 crore.
Both the companies had signed a binding definitive agreement and the transaction is expected to close in a phased manner in January-March 2018, RCom said in a statement.
However, the deal size has not been disclosed but Anil Ambani while announcing a new plan for RCom had said he expects a valuation of Rs 25,000 crore from sale of assets.
RJio has emerged as the highest bidder in the two stage bidding process conducted under the supervision of a high-powered bid evaluation committee, comprising experts from banking, telecom and law.
RCom worked closely with all lenders and SBI Capital Markets Limited, the advisors appointed by the lenders, to run a competitive process for the monetisation of its valuable assets, comprising 122.4 MHz of 4G spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, 1,78,000 RKM of fiber with pan India footprint, 248 Media Convergence Nodes, covering nearly 5 million sqft used for hosting telecom infrastructure.
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 "Supreme Court orders status quo on RCom's assets sale to Reliance Jio")
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