NEW DELHI: Shares of Reliance Communications (RCom) advanced over 2 per cent in Thursday’s trade after the company told ET that it was negotiating a settlement with China Development Bank, one of its largest creditors, even as the Chinese government banker sought to club its insolvency petition against the Anil Ambani-led company with other petitions seeking the same.
CDB is looking to recover $1.78 billion, or about Rs 11,460 crore, of dues the debt-laden telecom operator battling multiple insolvency cases.
Following the report, the stock rose 2.31 per cent to Rs 11.16 on BSE.
“We have received an email from petitioner… we are in talks and may not have to go through all this,” Navroz Seervai, a senior counsel representing RCom, told the National Company Law Tribunal (NCLT).
The Chinese bank, accounting for 37.11 per cent of RCom’s total secured debt, moved NCLT in November against both RCom and its subsidiary Reliance Telecom since the former was the guarantor and the latter the principal borrower, ET reported.
NCLT will take a call on December 18 if the insolvency petition should be admitted.