The shareholders of the Company approved the monetization of its assets. The Company announced the results of postal ballot on 15th February 2018, whereby the Shareholders approved the resolution to monetize the Spectrum, Towers, Fiber, Telecom Infrastructure and other assets with overwhelming majority of 99.91%.
RCOM's asset monetization is proceeding on fast track to close by March 2018, subject to lenders' consents and other regulatory approvals. Post monetization, the debt and liabilities of the Company will reduce by ~Rs. 25,000 crore by prepayment of debts and transfer of Department of Telecommunications' Spectrum Installments.
RCOM's continuing operations will comprise stable and profitable B2B focused businesses, including Indian and Global Enterprise, Internet Data Centres and the largest private submarine cable network in the world. These B2B businesses are stable, capital light and have sustained and predictable annuity revenues and profits, with immense growth potential amidst relatively low competitive intensity.
Shares of RELIANCE COMMUNICATIONS LTD. was last trading in BSE at Rs.28.4 as compared to the previous close of Rs. 27.95. The total number of shares traded during the day was 8718630 in over 10674 trades.
The stock hit an intraday high of Rs. 29 and intraday low of 27.65. The net turnover during the day was Rs. 246654321.