Anil Ambani led Reliance group may have reached an in-principle understanding with ~90% of its lenders, media reports stated.
As per the reports, lenders of the group have agreed to not to sell pledged shares in the group till September.
Additionally, the group informed the lenders that it had appointed investment bankers to sell up to 30% of the shareholding in Reliance Power (R-Power) to institutional investors, to repay the banks.
Further, the group has also promised to pay the principal and interest to the lenders in line with the scheduled due dates specified in the loan agreements, reports said.
Reliance Communications Ltd's share price ended at Rs5.50, down by Rs0.04 or 0.72%, from its previous close of Rs5.54 on the BSE.
The scrip opened at Rs5.55 and touched a high and low of Rs5.69 and Rs5.40, respectively. A total of, 6,36,53,548 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs1,521.04cr.