In a regulatory filing, Reliance Communications (RCOM) disclosed that Axis Trustee Services Limited has invoked the pledge over the 100 per cent equity in RCOM subsidiary, Globalcom IDC Limited (GIDC), for non-repayment of loans.
Addressing a mail to RCOM, Axis Trustee stated that it has invoked the pledge over 2,099,994 equity shares of GIDC (i.e. 100 per cent of the equity shares of GIDC).
In November 2022, RCOM said that Axis Trustee had told the telco of its intention to invoke and sell 100 per cent of equity shares in GIDC to a third party. RCOM holds 100 per cent stake in GIDC through another subsidiary Reliance Webstore Limited (RWSL). In August 2016, RCOM and Reliance Infratel had availed a loan facility of Rs 5.65 billion and Rs 6.35 billion, respectively, from State Bank of India. In September that year, the telco pledged 100 per cent of its shareholding in GIDC to the bank.
As on November 4, 2022, amounts of Rs 14.01 billion and Rs 14.04 billion were due and payable by RCOM and RITL, respectively, against the above loan. In late November 2022, the National Company Law Tribunal (NCLT) in Mumbai approved Reliance Infratel’s (RTIL) acquisition by Reliance Project and Property Management Services Limited (RP&PMSL), the arm of Reliance Jio that looks into the telco’s tower business.
