RCOM subsidiary reaches settlement with minority investors

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New Delhi, May 29 (IANS) Reliance Infratel, a subsidiary of Reliance Communications (RCOM), has informed the National Company Law Appellate Tribunal (NCLAT) on Tuesday that an amicable settlement has been arrived at with its minority investors holding 4.26 per cent equity in the company, and consent terms will be filed shortly.

In a regulatory filing, RCOM said: “The settlement with the minority investors paves the way for vacation of the stay granted by the NCLT on the sale of RITL’s tower and fibre assets, and will enable the company to proceed with asset monetisation of Rs 8,000 crore as soon as the company exits the debt resolution process under NCLT, for which its appeal, supported by all its lenders, is fixed for hearing today i.e. , that is, Tuesday, May 29, 2018 before the Hon’ble NCLAT.”

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–IANS

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