Lenders of Reliance Communications sold about 4.34 percent stake of promoters in the telecom firm and as a result shares of Anil Dhirubhai Ambani Group (ADAG) companies came under pressure on March 14. The pledged shares belonged to promoters including that of Ambani, his family members, and RCom group entities, according to an exchange filing.
Share price of Reliance Power fell 6 percent while that of Reliance Communications closed lower by 5 percent. Reliance Infra ended the day 3 percent lower while Reliance Capital tanked 8 percent. Reliance Nippon shed 4 percent and Reliance Naval ended the day close to 2 percent on the negative side.
At the current market price, the value of stock sold comes around Rs 59 crore. With this, promoters’ stake has come down to 37.57 percent from 41.91 percent earlier.
The Supreme Court, last month, held Reliance Group chairman Anil Ambani and two other ADAG companies’ directors in contempt over not clearing its dues to Ericsson. The court directed RCom to pay balance payment of Rs 453 crore to Ericsson in four weeks, failing which Ambani could be sent to jail for a period of three months. It also slapped a penalty of Rs 1 crore on Anil Ambani for contempt.
The company has been reeling under a debt of around Rs 47,000 crore and has opted for invoking bankruptcy proceedings.
The National Company Law Appellate Tribunal (NCLAT) on March 13 reserved its verdict on a plea moved by RCom to release tax refunds worth nearly Rs 260 crore, held in a trust and retention account with the lenders of the company.
Nearly 40 lenders of the company, including the State Bank of India have opposed RCom’s plan to use this money to pay off Ericsson contending that the funds for paying the latter must come from a different source.