/ RCom Trades Cautious Ahead Of The Bankers Meet ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 2 June 2017

Anil Ambani led Reliance Communication is trading on a flat note ahead of the bankers' meet on the company’s restructuring plans. The stock hit an intraday low of Rs 20.30 per share on the NSE during Friday’s trading session

The bankers which are exposed to the company’s debt have decided to schedule a meeting to decide on a restructuring plan for debt worth over Rs 42000 cr owed by Rcom.

The bad news for the investors was that the company had delayed Rs 375 cr non-convertible debenture payments by more than two months. Analysts dig in more and found out that the company’s gross debt had risen to whooping amount of Rs 45733 cr as of March ending.

The major credit rating agencies then downgraded the ratings on loans of the company. Around 17 public sector banks are exposed to the company’s default rated debts. The company posted its highest ever quarterly loss in Q4FY17 and its interest coverage has also declined which fuelled the company’s debt worries.

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