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Rcom shares surge over 5% after 7-month extension to service debt

The company will work on two deals, which will reduce its debt by 60% of the total $7 billion

Reuters  |  Mumbai 

Shares in Reliance Communications rose as much as 4.6 per cent on Monday after the debt-laden mobile carrier said it won a seven-month reprieve on its loans from lenders. The company's chairman, billionaire Anil Ambani, said on Friday it will receive a "standstill" on debt servicing obligations until December as it works on two deals that it expects will reduce its debt by 250 billion rupees ($3.9 billion), or 60 per cent of its $7 billion debt. RCom, as the company is widely known, said it will complete the merger of its wireless division with rival Aircel and sell ...

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First Published: Mon, June 05 2017. 10:45 IST