Bengaluru: Reliance Communications Ltd (RCom) said on Tuesday that its unit Reliance Infratel Ltd has informed the bankruptcy appeals court of reaching a settlement with its minority shareholders in relation to the sale of its tower and fibre assets.

The settlement will enable RCom to proceed with asset monetisation as soon as it exits the debt resolution process, the company said in a statement.

“Reliance Infratel Ltd., a subsidiary of RCom has informed the Hon’ble NCLAT (National Company Law Appellate Tribunal ) today that an amicable settlement has been arrived at between it and minority investors holding 4.26% equity in the Company, and consent terms will be filed shortly," said RCom in BSE filing.

NCLAT on Tuesday will hear RCom’s appeal against the National Company Law Tribunal’s (NCLT) decision to start insolvency proceedings against Anil Ambani-controlled companies, RCom said in a statement on Monday.

At 12.03pm, RCom shares were trading at Rs16.50, up 7.84% per share on BSE.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

Close