RCom caps borrowing limit to Rs 50,000 crore
Updated : September 20, 2018 07:31 AM IST
The resolution to revise borrowing limit was passed as special resolution by around 90 percent of shareholders at the annual general meeting of the company held on September 18, 2018.
Riddled with debt of over Rs 40,000 crore, RCom Chairman Anil Ambani Tuesday announced that the company will completely exit the telecom business to concentrate on real estate in future.
RCom owes over Rs 40,000 crore to a group of 38 lenders, including Chinese banks, and was resolving the debt through a strategic debt restructuring (SDR) process.