RCom jumps after convening meeting with bond holders

Reliance Communications rose 5.72% to Rs 28.65 at 11:04 IST on BSE after the company said it will hold a meeting of all holders of its outstanding $300 million senior secured 6.5% notes due 2020, in London on 6 March 2018.

The announcement was made after market hours on Monday, 12 February 2018.

Meanwhile, the S&P BSE Sensex was up 34.71 points, or 0.10% to 34,335.18.

On the BSE, 50.31 lakh shares were traded in the counter so far compared with average daily volumes of 1.52 crore shares in the past one quarter. The stock had hit a high of Rs 29.20 and a low of Rs 27.60 so far during the day. The stock hit a 52-week high of Rs 41.77 on 29 December 2017. The stock hit a record low of Rs 9.60 on 15 November 2017.

The stock had underperformed the market over the past 30 days till 12 February 2018, falling 13.56% compared with 0.84% fall in the Sensex. The scrip had outperformed the market in past one quarter, rising 134.63% as against Sensex's 4.12% rise. The scrip had underperformed the market in past one year, falling 19.35% as against Sensex's 20.98% rise.

The mid-cap company has equity capital of Rs 1382.77 crore. Face value per share is Rs 5.

Reliance Communications (RCom) has convened a meeting of the holders of its $300 million senior secured notes due 2020 (the Bonds) for the purpose of considering, and if thought fit, passing, certain proposals relating to its asset monetisation as more fully described in the notice of meeting issued to the holders of the Bonds. The transaction is subject to requisite consents and approvals as may be required.

On a consolidated basis, RCom reported net loss of Rs 113 crore in Q3 December 2017 as against net loss of Rs 488 crore in Q3 December 2016. Net sales declined 31.70% to Rs 1144 crore in Q3 December 2017 over Q3 December 2016.

Reliance Communications (RCom) has established a pan-India digital network that is capable of supporting services spanning the entire communications value chain. RCom owns and operates the world's largest next-generation IP-enabled connectivity infrastructure, comprising fibre optic cable systems in India, the USA, Europe, Middle East and the Asia-Pacific region.

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