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Anil Ambani- owned Reliance Communication said that it not making any payment to any lenders as the company is under 'standstill period' till December 2018.
RCOM said that that is in standstill period until December 2018 pursuant to the SDR (Strategic Debt Restructuring) guidelines.
"The Company has also announced various asset sales and a comprehensive debt resolution plan, as advised per our earlier letter dated 30th October 2017. Accordingly, for the time being, no payment of interest and/or principal is being made to any lenders and/or bondholders of RCom," company further said in BSE filing.
The company has issued a clarification on report around it is defaulting on payment of a US dollar bond.
To recall, the company has recently come up with the new strategy for its debt. where it has made comprehensive debt resolution plan to its domestic and foreign lenders.
Under the new plan, the company will pay off up to Rs. 17,000 crore of its debt, out of the proceeds of monetization of Spectrum, Towers, and Fiber and MCN (Media Convergence Nodes) assets. RCom will pay additional Rs. 10,000 Crore of its debt, out of the proceeds of sales and commercial development of DAKC and other prime real estate assets across 8-metros.
The new RCom will have sustainable and profitable B2B - nonmobile business portfolio comprises. The new RCom will have the sustainable and conservative level of debt of only Rs 6,000 crore.
Cost of debt will be lower due to an ability to raise debt funds overseas at low cost. Debt of Rs. 7,000 crore is proposed to be converted into 51 percent of the Company's equity, as per the SDR guidelines of the Reserve Bank of India.
Meanwhile, shareholders of the RCom at the Annual General Meeting have already approved the issuance of equity shares to lenders by conversion of loans.