Mumbai: Anil Ambani’s holding in Reliance Communications has declined to 21.97 per cent from 37.57 per cent, after IndusInd BankNSE -0.93 % and Axis Trustee Services sold a 15.6 per cent stake pledged with them.
According to filings with the stock exchanges, IndusInd Bank sold a 4.52 per cent stake in RComNSE -4.60 % on Monday. Axis Trustee invoked shares equal to 11.08 per cent pledged with it and sold those on Wednesday.
Anil Ambani and his privately held firms owned a 53.08 per cent stake in the telecom firm as on December 2018. That has since declined to 37.57 per cent and now 21.97 per cent, after several lenders sold shares pledged with them.
Anil Ambani’s Reliance Group last month said invoking of pledged shares by L&T Finance and the Edelweiss Group had caused a sharp erosion in the market value of its group firms. The Reliance Group moved the Bombay High Court to stop further sale of pledged shares by the Edelweiss group of companies. However, the court rejected the petition.
Life Insurance Corporation held a 5.93 per cent stake in RCom as on December 31. CLSA Global Market is another other big investor, with a 1.53 p ..
RCom’s troubles started in May 2018, when the National Company Law Tribunal admitted three insolvency petitions against it filed by Swedish telecom gear maker Ericsson, which was seeking a payment of over Rs 1,500 crore in dues.
While Ericsson later agreed to reduce the amount to Rs 550 crore, RCom missed on the payment timelines. This led the Supreme Court to order that it would send the company chairman to jail if RCom didn’t pay up by March 20.
0 Comments