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Lenders sell 12 cr share of Reliance Communications

Press Trust of India  |  New Delhi 

Lenders of Communications Wednesday sold 12 crore pledged shares, which accounted for 4.34 per cent stake of promoters in the telecom firm.

The sale was a result of lenders invoking shares pledged with them.

The pledged shares belonged to promoters including that of Ambani, his family members and group entities, according to a BSE filing.

With this sale of shares, promoters' stake in the company has come down to 37.57 per cent from 41.91 per cent earlier.

At the current market price, the value of stock sold comes around Rs 59 crore.

The company has been reeling under a debt of around Rs 47,000 crore and has opted for invoking bankruptcy proceedings. The matter is sub-judice.

The shares of on Wednesday closed at Rs 4.91 a unit, down by 4.1 per cent, at the BSE.

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

First Published: Wed, March 13 2019. 22:47 IST
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