Reliance Communications shares jump after new debt repayment plan
The company, with $6.8 billion of net debt as of last March, said it will look to repay 170 billion rupees ($2.62 billion) of loans by selling assets such as mobile towers.
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Anil Ambani’s Reliance Communication just gave you 15% gains; Know why Key highlights:
- Shares in embattled wireless carrier Reliance Communications Ltd rose more than 10% in early trade on Tuesday
- The company presented a new debt repayment plan to its lenders
- The company, with $6.8 billion of net debt as of last March, said it will look to repay 170 billion rupees ($2.62 billion) of loans by selling assets
Shares in embattled wireless carrier Reliance Communications Ltd
The company, with $6.8 billion of net debt as of last March, said it will look to repay 170 billion rupees ($2.62 billion) of loans by selling assets such as mobile towers. It also pledged to repay another 100 billion rupees from sale or commercial development of its real estate assets.
The stock was up 13 % at 0352 GMT, compared with a 0.2 % fall in the broader NSE Nifty.
The stock has tumbled this year, hitting a series of record lows on worries about whether it can pay back its debt.
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