ADAG led RComm urgently approves release of Rs.2.6 bln to Ericsson

MUMBAI | RAJKOT – In a press release submitted to the Indian Bourses, Reliance Communications group has requested urgent approval from its lenders to release approx. Rs.260 crore (2.6 billion) received from Income Tax refunds, lying in its bank account, directly to Ericsson.

A sum of Rs.118 crore (1.18 billion) has already been deposited with the Supreme Court, the release read.

RCOM is confident of raising the balance approx Rs. 200 crore (2 billion) for payment to Ericsson, in order that the entire Rs.550 crore (5.5 billion) plus interest thereon stands paid to Ericsson well within the time of 4 weeks allowed by the Supreme Court, the release said.

IMPACT ON THE SHARE PRICE

Immediately after the press release hit the Indian Bourses, investors & traders reciprocated to the news positively and an instant spike of improvement was seen in the share price of the company.

Reliance Communication share price improved post announcement and continued improving, further trading from there onwards in GREEN territory ending on POSITIVE counters, as the trading session ended on the Indian Bourses, on Thursday.



Follow DATELINE GUJARAT On :-

FacebookGoogle+LinkedinTwitterYouTube 


SHARE THIS NEWS ON :-