RCom surges 45% after NCLT adjourns hearing of insolvency petition
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Reliance Communications (RCom) rose as much as 45% in intra-day trade today after the National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communicationsto early next month after a group of the telecom operator's lenders sought time to consider converting the company's loans into equity.
The adjourned date comes as a breather for RCom as if the tribunal had accepted the insolvency petitions before December 28, by when the lenders need to decide on converting their RCom debt into equity, the process would have ended. RCom, which has shut its wireless business, started its strategic debt restructuring on June 2.
Other ADAG stocks including Reliance Capital (up 6%), Reliance Power (up 6%) and Reliance Infrastructure (up 5%) also gained on the news.
Earlier last month, China Development Bank had filed an insolvency case against the telecom company. CDB, a lender to RCom, has filed the suit with the National Company Law Tribunal (NCLT) in Mumbai under the Insolvency and Bankruptcy Code (IBC).
RCom, which is reeling under a Rs 45,000-crore debt, owes about Rs 7,500 crore to CDB. With interest, this increases to about Rs 9,000 crore. This makes CDB the first lender to file insolvency proceedings against billionaire Anil Ambani-controlled RCom.
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