As Reliance Communications (RCom) has initiated a monetisation exercise that entailed wireless spectrum, towers, fibre, media convergence nodes, and real estate assets including Dhirubhai Ambani Knowledge City campus, Navi Mumbai, it is now seeking shareholders' approval to sell the same.
RCom said: "The results of the postal ballot will be announced on or before Saturday, February 17, 2018."
RCom, which shut its telecom service in Dec 2017, is selling its assets to pay its massive debt. The total outstanding loans of RCom Group, as on September 30, 2017 were about Rs 40,052 crore.
RCom further said: "Based on final recommendation of EC (Bid Evaluation Committee), Reliance Jio Infocomm Limited (RJIL) has been identified as the successful bidder. RCom Group has entered into binding agreement with RJIL for transfer/sale of wireless spectrum, towers, fibre and MCNs and other related infrastructure assets."
It added: "...the company cannot, except with the consent of the shareholders by way of special resolution, sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company.”
RCom, which shut its telecom service in Dec 2017, is selling its assets to pay its massive debt. The total outstanding loans of RCom Group, as on September 30, 2017 were about Rs 40,052 crore.
RCom further said: "Based on final recommendation of EC (Bid Evaluation Committee), Reliance Jio Infocomm Limited (RJIL) has been identified as the successful bidder. RCom Group has entered into binding agreement with RJIL for transfer/sale of wireless spectrum, towers, fibre and MCNs and other related infrastructure assets."
It added: "...the company cannot, except with the consent of the shareholders by way of special resolution, sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company.”
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