Update (June 5th, 2017): RCOM has confirmed in a statement that its lenders have decided to initiate Strategic Debt Restructuring (SDR) process and had given the company time till December 2017 for repayment of all outstanding debt. The telco said that it plans to pay out Rs 25,000 crore in debt to its lenders by that time, bringing down its overall debt by 60%. If the company fails to make the payment by December, lenders will have the right to convert a part of the debt into equity shares. A consortium of 22 lenders of Anil Ambani led Reliance Communications (RCOM) have decided to initiate Strategic Debt Restructuring (SDR) process, which allow lenders to convert their outstanding debt payment from RCOM into equity shares, according to this Bloomberg Quint report. The lenders met on Friday to hasten up RCOM’s outstanding debt payment of Rs 25,000 crore. RCOM said in a statement this week that it will honor the outstanding payments by September 30th after its two business deals—Aircel merger and Brookfield tower sale—gets completed. The company’s net debt stood at Rs 44,345.3 crore as of Q4FY17, which is an increase of 3.4% when compared to Rs 42,802.5 crore debt in Q4FY1 SDR is a debt recovery method offered by the RBI, which allow bankers to convert parts of their loan into equity shares of at least 51%. This gives operation control to bankers, which gives them an option of selling the majority shares to a suitable buyer. However, as per the report, the lenders…
- MediaNama Daily: Caught red-handed March 25, 2023
- US govt warns businesses of ‘AI deception’, calls for mitigating risks before launching AI products March 24, 2023
- Here’s what TikTok’s CEO said in his U.S. Congressional Committee Hearing March 24, 2023
- Cyberabad police bust a gang selling personal data of 16.8 Crore citizens March 24, 2023
- Explained: What is Namma Yatri app and why is it joining ONDC March 24, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...