Promoters of Reliance Communications have pledged 3.8 crore shares at an estimated value of Rs 190 crore before private banks. As per a filing by Axis Trustee, three crore shares of RCom pledged in its favour on July 5 are in connection with loan facilities availed by RCom’s subsidiaries — Reliance Big Entertainment, Zapak Digital Entertainment and Reliance Infra Consultancy Services and for NCDs issued by Reliance Communications. Also Read - RCom to go for insolvency resolution process after failure to repay debtAlso Read - Reliance Communications completes sale of fibre assets to Reliance Jio
The RCom promoter firm Reliance Wind Turbine Installators Industries Private Limited has pledged three crore RCom shares with HDFC Bank through Axis Trustee on July 5. Referring to the loan availed by RCom subsidiaries, Axis Trustee today said, “In this connection, we refer to additional pledge of 30,000,000 shares of Reliance Communications Limited.” However, the reason for pledging 80 lakh shares by Reliance Communications Enterprises before IndusInd Bank could not be ascertained.