According to regulatory filing, Axis Trustee Services (subsidiary of Axis Bank) acting as security/debenture trustee had sold 120 million equity shares representing 4.34 per cent total equity of RCom on March 11, 2019.
With this sale of shares, promoters' stake in the company has come down to 37.57 per cent from 41.91 per cent earlier. The pledged shares belonged to promoters including that of Ambani, his family members and RCom group entities, according to a BSE filing.
Earlier on March 6, RCom’s promoter s holding in the company declined by nearly 7 percentage points (ppt) on invocation of pledge shares by lenders STCI Finance and IndusInd Bank. Total promoters holding in RCom had declined to 41.91 per cent from 48.77 per cent on invocation of pledge shares on February 25 and March 6, 2019, the company said in a regulatory filing.
As of December 31, 2018, Promoter & Promoter Group held 53.08 per cent stake in RCom, the shareholding pattern data shows.
Meanwhile, the National Company Law Appellate Tribunal (NCLAT) on Wednesday reserved its verdict on a plea moved by RCom to release tax refunds worth nearly Rs 260 crore, held in a trust and retention account with the lenders of the company. Nearly 40 lenders of the company, including the State Bank of India (SBI) have opposed RCom’s plan to use this money to pay off Ericsson contending that the funds for paying the latter must come from a different source. The banks are trustees of the account.
RCom has been reeling under a debt of around Rs 47,000 crore and has opted for invoking bankruptcy proceedings. The matter is sub-judice.