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Reliance Communications Ltd (RLCM.NS)

RLCM.NS on National Stock Exchange of India

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Latest Key Developments (Source: Significant Developments)

Reliance Group's Unlimit and China's Fibocom in partnership
Wednesday, 19 Jul 2017 04:23am EDT 

July 19 (Reuters) - Unlimit : :Reliance Group's Unlimit says Reliance Group's IoT arm Unlimit and China's Fibocom in partnership .  Full Article

Reliance Communications initiates monetisation programme for real estate properties
Thursday, 22 Jun 2017 12:07am EDT 

June 22 (Reuters) - Reliance Communications Ltd :Says co has initiated monetisation programme for its real estate properties.  Full Article

Reliance Communications says group chairman Anil Ambani not to draw salary or commission from co in current FY
Wednesday, 14 Jun 2017 05:47am EDT 

June 14 (Reuters) - Reliance Communications Ltd :Says chairman, Reliance group, Anil D. Ambani "voluntarily" decides to draw no salary or commission from RCom in current financial year.RCom management also steps up, follows chairman's lead to ensure time-bound execution.RCom management team on-board to defer personal pay by up to 21 days.Says decision part of company promoters' commitment to strategic transformation program.Aircel, Brookfield deals targeted to close by 30 Sept 2017, subject to approvals.Says measures to remain in place till December 2017.  Full Article

Reliance Communications disagrees with recent rating actions by Moody's and Fitch on June 6
Wednesday, 7 Jun 2017 06:05am EDT 

June 7 (Reuters) - Reliance Communications Ltd ::Says co commenting on credit rating actions by Moody's and Fitch on Tuesday, 6 June 2017.Disagree with recent rating actions by both agencies; believe that rating actions do not reflect servicing track record of co.Says the ratings by Moody's and Fitch apply only to 6.5 pct USD bonds maturing in November 2020.Says bonds have always been serviced regularly on the due dates and are fully current in servicing, as on date.Rating agencies not given credit to advanced stage of corporate deals which are expected to deleverage balance sheet by about $4 billion within few months.Says bonds concerned constitute about 4 pct of the total debt of the company.Says appears recent positive development of standstill period agreed by lenders been viewed negatively by rating agencies on certain technical grounds.May also be noted that in 2012, co had redeemed FCCBs aggregating $1 bln on specified due date on maturity, at full redemption value.  Full Article

Moody's says downgraded RCom's Corporate Family Rating & Senior Secured Bond Rating to Ca
Tuesday, 6 Jun 2017 11:21am EDT 

June 6 (Reuters) - Moody's::Downgraded Reliance Communications Limited's (RCom) Corporate Family rating and Senior Secured Bond rating to Ca from Caa1‍​‍​.  Full Article

Fitch says downgraded Reliance Communications's Long-Term Foreign- & Local-Currency Issuer Default Ratings to 'RD'
Tuesday, 6 Jun 2017 09:51am EDT 

June 6 (Reuters) - Fitch::Fitch says downgraded Reliance Communications Limited's Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'RD' from 'CCC'.Fitch says also downgraded rating on RCom's $300 million 6.5% senior secured notes due 2020 to 'C/RR4' from 'CCC/RR4'.Fitch says downgrade follows RCom's june 2 announcement that all of its bank lenders are prepared to waive debt service obligations until end-2017.Fitch on RCom - Believe weakening cash generation in Indian wireless sector may hamper co's plan to sell 51% of tower business, Reliance Infratel Ltd​.  Full Article

Reliance Communications says lenders constitute joint forum to consider debt reduction plans
Friday, 2 Jun 2017 09:27am EDT 

June 2 (Reuters) - Reliance Communications Ltd :Says Reliance Communications' lenders constitute joint forum .Says lenders' take note of advanced stage of implementation of strategic transactions of wireless and towers business for debt reduction INR 250 billion.Says lenders to give RCom time of 7 months till December 2017 to complete the strategic transactions.RCom to also present plan for sustainable long term servicing of remaining debt of INR 200 billion.  Full Article

RCom chairman Anil Ambani: no proposal to convert any debt to equity in next 7 mnths
Friday, 2 Jun 2017 09:22am EDT 

June 2 (Reuters) - Reliance Communications Chairman Anil Ambani says::No proposal to convert any debt to equity in the next seven months.Don't see need for other group cos to support rcom.Provisions of various restructuring schemes are open to be exercised after the standstill period.All options are open for aircom when asked if they would consider a listing.Foreign lenders are supportive of transformation programme.Have not given personal guarantee for rcom loans.Jio is a separate entity, rcom is a separate entity, that will continue.Relationship with brother Mukesh is cordial, meaningful.  Full Article

Reliance Communications says news item on co's deault is incorrect
Thursday, 1 Jun 2017 11:55pm EDT 

June 2 (Reuters) - Reliance Communications Ltd :Reliance communications clarifies on news item titled "RCom defaults on Rs.90 crore interconnect dues to Airtel".Says news item on co's deault is incorrect; "there is no default".  Full Article

Fitch downgrades Reliance Communications to 'CCC'
Thursday, 1 Jun 2017 03:58am EDT 

June 1 (Reuters) - :Fitch downgrades reliance communications to 'CCC'.Fitch- Also downgraded rating on Rcom's USD300 million 6.5% senior secured notes due 2020 to 'CCC/RR4' from 'B+/RR4'.Fitch- Rating watch negative on IDRS and notes has been removed on Reliance Communications.Fitch- Rcom's rating downgrade reflects Fitch's belief that some kind of default is a real possibility.Fitch- Believe that Rcom may struggle to refinance its maturing short-term debt given declining EBITDA and delays in executing asset sales.Fitch- Believe that Rcom's business model is compromised due to fierce price competition in Indian mobile market.Fitch- Rcom's capital structure is unsustainable as fy17 FFO-adjusted net leverage was over 9.0x and do not expect that operating cash flows will improve.Fitch- Rcom's market position is weak and it has limited financial flexibility to invest to strengthen its position or step-up marketing costs.Fitch- Have a negative outlook on Indian Telco market.Fitch- Expect credit profiles of top-four Telcos to come under pressure from tougher competition and larger capex requirement.Fitch- Rcom's size, scale and diversity will be much smaller should company complete sale of its tower business and demerge wireless unit as planned.Fitch- Weakening cash generation from core wireless business may hamper plan to demerge wireless business into 50:50 jv and sell 51% of tower business Reliance Infratel.  Full Article