SME Times News Bureau | 04 Dec, 2018
Reliance Communications (RCOM) on Monday said its subsidiary Reliance
Realty has submitted a corporate guarantee of Rs 1,400 crore to the
Department of Telecommunications (DoT) as per the Supreme Court's order
on November 30.
The apex court in its order directed the DoT to
approve RCOM's spectrum trading deal within seven days of the order and
told RCOM to furnish Rs 1,400 crore worth of corporate guarantee.
"The
spectrum trading transaction will now be completed and proceeds will
clear the dues of Ericsson and minority investors of Reliance Infratel
Limited (RITL)," RCOM said in a statement.
RCOM's asset monetisation would proceed as per plan, it said.
The shares of RCOM on the BSE closed at Rs 16.62, higher by Rs 2.35 or 16.47 per cent from the previous close.