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RCOM subsidiary submits Rs 1,400 cr corporate guarantee to DoT

IANS  |  Mumbai 

Communications (RCOM) on Monday said its subsidiary Realty has submitted a corporate guarantee of Rs 1,400 crore to the (DoT) as per the Supreme Court's order on November 30.

The apex court in its order directed the DoT to approve RCOM's spectrum trading deal within seven days of the order and told RCOM to furnish Rs 1,400 crore worth of corporate guarantee.

"The spectrum trading transaction will now be completed and proceeds will clear the dues of and minority investors of Infratel Limited (RITL)," RCOM said in a statement.

RCOM's asset monetisation would proceed as per plan, it said.

The shares of RCOM on the BSE closed at Rs 16.62, higher by Rs 2.35 or 16.47 per cent from the previous close.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 21:02 IST
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