Mumbai: Billionaire Anil Ambani, the businessman backing Reliance Communications Ltd, said on Tuesday the company would reduce its debt by about Rs. 25,000 crore ($3.90 billion) through the sale of some of its spectrum, tower and real estate assets.
The reduction would allow the company to provide “zero” write-offs to lenders and bondholders, as well as no conversion of debt to equity, Mr Ambani told a news conference.
RCom shares surged as much as 40 per cent to an intraday high of Rs. 22.83 on Tuesday.
($1 = Rs. 64.06)