RCom promoter pledges 2 cr shares

A promoter of Reliance Communications has pledged two crore shares estimated to be worth Rs 137 crore.
Reliance Communications Enterprises Private Limited pledged 2 crore shares held by it on January 20, as per a regulatory filing by RCom.
Based on closing price of RCom shares on January 20, the pledged shares are estimated to be around Rs 137 crore.
The purpose of the pledge could not be ascertained.
The company at the end of second quarter of ongoing financial year had debt of Rs 39,894 crore.
Reliance Communications (RCom) on Friday reported 15 per cent decline in consolidated net profit to Rs 171 crore for the October- December quarter, mainly on account of 2G licence expiry in five circles, including Bihar and West Bengal.

Total income of RCom also declined by 2.9 per cent to Rs 5,277 crore during the reported quarter compared with Rs 5,435 crore in the corresponding period of last fiscal.
RCom said that decline in business has been "on account of 2G licence expiry in 5 circles".