NEW DELHI: Reliance Communications (RCom) shares advanced as much as 19% on Tuesday, a day after the telco moved the National Company Law Appellate Tribunal (NCLAT) against the initiation of insolvency proceedings by a lower court on a plea by telecom equipment maker Ericsson. The Anil Ambani-controlled company's stock gained 7.46% to 14.40 at the close on the BSE. The company confirmed the filing of the appeals, which was reported by ET in Tuesday's edition. The latest settlement amount being discussed was 700 crore to 800 crore. Resolution of the issue may help RCom and its subsidiaries to exit the insolvency process and pare debt of 46,000 crore by selling assets including towers, fibre network and spectrum to Reliance Jio for 18,000 crore.

Source: Economic Times May 23, 2018 02:57 UTC