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Reliance Communications (RCom) today said it has pledged an additional 3.25 crore shares or little over one per cent stake in the company.
Axis Trustee Services Ltd (ATSL) acted as trustee for the pledging of shares.
In a filing to the BSE, the Anil Ambani-owned company said it has pledged 3.25 crore shares consisting 1.31 per cent of the share capital to Axis Trustee Services on June 11.
Based on yesterday’s closing price of Rs 57.80 on the BSE, these shares were worth nearly Rs 188 crore.
With this, the company has pledged a total of 22.25 crore shares, or 8.94 per cent of the share capital, the filing added.
However, the identity of the acquirers or the persons acting in concert (PACs) was not disclosed.
The telecom company has been working on ways to reduce its net debt burden, which touched Rs 36,725.7 crore at the end of March 31, 2015.
In this regard, Reliance Communications is looking at monetising its non-core assets, including hiving off its DTH business, selling stakes in international operations at Reliance Globalcom and in its tower unit Reliance Infratel.
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