RCom Promoters’ Shareholding Declines To 22% In March Quarter
Reliance Communications Ltd. promoters’ stake has come down to 22 percent in January-March quarter, with family and group firms jointly losing more than half of the shares, the telecom firm said.
In the October-December 2018 quarter, the promoters and promoter group of debt-ridden Reliance Communications had 53.08 percent stake in the company.
In the third quarter of 2018-19, Ambani family members jointly held 145.48 crore equity shares, which came down to 59.79 crore in last quarter of the same fiscal, according to shareholding pattern disclosure made by the firm.
Shares held by promoter group firm Reliance Communications Enterprises Pvt. Ltd. dropped by almost half to 36.56 crore from 72.31 crore.
The disclosure shows that equity holding of Reliance Ornatus Enterprise and Ventures and Reliance Wind Turbine Installators Industries came down to 9.2 crore and 85 lakh, respectively, from 30 crore shares held by each of them in the third quarter.
According to records, most of the pledged shares were sold by lenders in January-March 2019 quarter.
The company, which is reeling under debt burden of around Rs 45,000 crore, has approached the National Company Law Tribunal to invoke insolvency against it as the firm has been unable to sell assets and pay back to lenders.