Mumbai: Shares in embattled wireless carrier Reliance Communications Ltd rose more than 10 per cent in early trade on Tuesday after the company presented a new debt repayment plan to its lenders.
The company, with USD 6.8 billion of net debt as of last March, said it will look to repay Rs 170 billion ($2.62 billion) of loans by selling assets such as mobile towers. It also pledged to repay another Rs 100 billion from sale or commercial development of its real estate assets.
Under a central bank debt restructuring plan, its lenders will also swap Rs 70 billion of the loans to take a 51 per cent stake in the company commonly called as RCom.
The stock was up 13 per cent at 0352 GMT, compared with a 0.2 per cent fall in the broader NSE Nifty.
The stock has tumbled this year, hitting a series of record lows on worries about whether it can pay back its debt.
