Lenders sell 12 cr share of Reliance Communications

Reliance Communications: At the current market price, the value of stock sold comes around Rs 59 crore.

The shares of RCom on Wednesday closed at Rs 4.91 a unit, down by 4.1 per cent, at the BSE. Reuters

Lenders of Anil Ambani-led Reliance Communications Wednesday sold 12 crore pledged shares, which accounted for 4.34 per cent stake of promoters in the telecom firm. The sale was a result of lenders invoking shares pledged with them.

The pledged shares belonged to promoters including that of Ambani, his family members and RCom group entities, according to a BSE filing.

With this sale of shares, promoters' stake in the company has come down to 37.57 per cent from 41.91 per cent earlier.

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At the current market price, the value of stock sold comes around Rs 59 crore.

The company has been reeling under a debt of around Rs 47,000 crore and has opted for invoking bankruptcy proceedings. The matter is sub-judice.

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The shares of RCom on Wednesday closed at Rs 4.91 a unit, down by 4.1 per cent, at the BSE.

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