RCom to hold meeting of bondholders

Debt-laden Reliance Communications (RCom) led by Anil Ambani group has called a meeting of its bondholders to seek approval for its asset monetisation plan on March 6, 2018 in London. The meeting would address bondholders who hold bonds worth US$ 300 million due in 2020. The company wished-for a partial redemption of bonds at face value. It has also proposed to reduce the coupon rate and extend the maturity period of the bonds remaining after redemption by eight years to 2028.

Moreover, the company believes that its debt would reduce by Rs. 25,000 crore through prepayment and transfer of DOT spectrum instalments. Apart from this, RCom plans to develop around 20 Million sq. ft. of commercial and residential space on the 125 acre prime real estate at DAKC complex in Navi Mumbai over the next 10 years.

Notably, now onwards RCom will focus more on B2B space which contains global and Indian enterprise, Internet data centres, global submarine cable network and international long-distance voice with high annuity revenues and strong customer relationships (40,000 customers across the globe).