Rcom rings a plesant tune

Reliance Communications (RCom) rose almost 5.5% today morning to Rs.21.65, with some 79,000 shares changing hands. Its 52-week high is at Rs.41.77.

The market relieved with the news that its meeting with the bond holders of US$ 300 million Notes scheduled to be held on August 10, 2018 stands adjourned for want of quorum and will now be held on August 24, 2018. The agenda of the meet was to restructure the bonds.

This comes on the back of another news yesterday - its subsidiary Reliance Telecom, restored bank guarantees aggregating Rs.774 crore to the department of telecommunications, thereby ensuring that the government does not cancel its licences and spectrum.

This ensures that its licence and spectrum value of Rs.11,300 crore stands fully protected, and RCom is fully compliant with the guidelines of NIA (notice inviting application for spectrum auction) 2013 and NIA 2015.

The company said the bank guarantees were reinstated four weeks ahead of the September 10 deadline fixed by Telecom Disputes Settlement and Appellate Tribunal (TDSAT).