The lenders of Anil Ambani led Reliance Communications invoked the pledged 12 crore shares accounting about 4.34% of the promoter’s share in telecom.
The pledged shares belonged to promoters including that of Anil Ambani, his family members and telecom company RCom group entities, as per the BSE filing. Now, with this new deal in place the stake of promoters will come down to 37.57% from the previous 41.91%. The change accounted for shares worth ₹59 crore.
Anil Ambani led RCom is under the debt of ₹47,000 crore and the telecom has even filed for the initiation of Bankruptcy proceedings but that matter is currently under the trial.
Following the deal, the telecom performed negative at the stock market at ₹4.91 per share, down by 4.1 per cent, at the BSE.