NEW DELHI (TIP): Telecom operator Reliance Communications (RCom), which is reeling under debt of about Rs 45,000 crore, plans to issue shares to lenders for the debt that it has raised from them, as per a regulatory filing of the company.

The board of RCom is scheduled to meet on August 12 which will consider convening annual general meeting of shareholders to enable the firm seek their nod for converting debt into equity shares.

In a regulatory filing, RCom said that the board will consider and approve matters related to merger scheme between the company and Aircel along with other deleveraging measures.

The board will in the same meeting will consider “approving notice convening annual general meeting seeking shareholders’ enabling approval for various items including conversion of debt into equity shares, if and when required, for issue of privately placed non-convertible debentures/ other debt securities”. Source: PTI