RCom offers majority stake to banks

Under strategic debt rejig, asks banks to convert Rs 7,000-cr debt into 51% stake

Anil Ambani-led Reliance Communications (RCom), which had recently said it would shut its 2G business by November, on Monday said it was asking lenders to convert part of their debt to equity for 51 per cent control of the stressed company under a “zero write-off” plan.

“Lenders will convert Rs 7,100 crore worth of debt into equity (under the strategic debt restructuring plan of the Reserve Bank of India).  Post debt monetisation through sale of real estate assets, the company would have only Rs 6,000 crore of debt left,” said Puneet Garg, executive director and chief financial officer. 

The company said the