The Anil Ambani-controlled telecom services company, Reliance Communications, on Tuesday said it would reduce its debt by about Rs 25,000 crore through the sale of some of its spectrum, tower and real estate assets.

“We have achieved full resolution for Reliance Communications,” said Ambani at a press conference in Mumbai. The resolution involves RCom exiting structured debt restructuring with no conversion of equity and zero write-off by lenders, Ambani added. “Expect overall debt for RCom to be around Rs 6000 crore.”

Lenders to Reliance Communications (RCom) discussed the bids the firm has received for the sale of assets and conversion of part debt into equity to avert the provisioning burden if the asset were to turn bad at the at the joint lenders’ forum (JLF) on Wednesday. The JLF meeting will continue on Friday.

Senior public sector bankers said though the firm was trying to sell some assets to repay loans and clear bank dues, no decision has been taken so far.

The stock price of Reliance Communications (RCom) shot up by over 32.14 per cent to close at Rs 17.10 on Wednesday, possibly triggered by a joint lenders’ forum meeting scheduled for Thursday. The forum is expected to discuss the bids it has received for sale of the company’s assets.

Buoyed by the stock movement, RCom’s market capitalisation touched Rs 4,558 crore.

Reliance Communications (RCom) rose as much as 45% in intra-day trade today after the National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communicationsto early next month after a group of the telecom operator's lenders sought time to consider converting the company's loans into equity.

The adjourned date comes as a breather for RCom as if the tribunal had accepted the insolvency petitions before December 28, by when the lenders need to decide on converting their RCom debt into equity, the process would have ended.

Reliance Communications (RCom) and China Development Bank (CDB) on Friday approached the National Company Law Tribunal (NCLT) in Mumbai for an adjournment of the latter’s insolvency petition till next month, amid talks they have begun negotiations for an out-of-court settlement.

CDB, which had lent $1.78 billion to RCom, had filed the petition under the Insolvency and Bankruptcy Code (IBC) on November 27, after the company defaulted on its dues.

Two major Chinese lenders plan to support a move by China Development Bank to put Indian wireless carrier Reliance Communications (RCom) into insolvency court as they seek to recover about $2 billion in debt, said three people with knowledge of the matter.

Last month, CDB began insolvency proceedings against RCom, which has been trying for months to restructure its debt via a debt-for-equity swap. Now, Industrial and Commercial Bank of China (ICBC), the country's biggest-listed lender by assets, and Export-Import Bank of China, plan to back CDB, the sources said.

Majority of lenders to debt-ridden Reliance Communications (RCom) have decided to oppose China Development Bank’s (CDB’s) insolvency petition submitted to the National Company Law Tribunal (NCLT).

RCom said, “At a committee of creditors meeting on 29 November 2017, a majority of RCom’s lenders, foreign and Indian, aggregating 31, decided to oppose CDB’s insolvency petition against RCom before the NCLT, Mumbai.”

Reliance Communications (RCom), which earlier this month defaulted on dollar notes, told bondholders that they would be treated the same as bank lenders in terms of their ability to recover funds, according to Citigroup.

The mobile phone operator controlled by billionaire Anil Ambani, whose failure to pay interest on the dollar notes comes as a high-profile test of the country's new bankruptcy laws, held the call on Monday, Citigroup said in a note to clients dated November 28.

Reliance Communications has got into a "binding share purchase agreement" with Pantel Technologies and Veecon Media & Television for sale of its DTH arm Reliance BIG TV for an undisclosed amount.

The move is aimed at reducing debt and benefiting all stakeholders, including lenders and shareholders, of RCom, the company said in a statement.

NEW DELHI: Reliance CommunicationsBSE -2.14 % (RCom) has received interest for its 125-acre land bank in Navi Mumbai and is understood to have finalised eight bidders for its development and sale.

Sources said the debt-laden company — which owes Rs 47,000 crore to banks and other lenders — is heavily banking on proceeds from the land monetisation as it can provide immediate cash to clear pending dues. The DAKC (Dhirubhai Ambani Knowledge Centre) campus in Navi Mumbai has the potential to develop 20 million sq ft for IT, commercial, and residential space.

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