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RCOM shares zoom as company announces massive debt reduction (Second Lead)

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Mumbai, Dec 26 (IANS) Shares of Reliance Communications (RCOM) zoomed and closed almost 30 per cent higher at Rs 21.33 per share after Reliance Group’s Chairman Anil Ambani on Tuesday announced plans to reduce the company’s debt by Rs 25,000 crore to Rs 6,000 crore.

Around 3.15 p.m., RCOM’s stocks augmented by 36.05 per cent to trade at Rs 22.19 per share on the BSE. At one point, it had risen by over 41 per cent to Rs 23 per scrip.

“Traders got excited based on the newsflow about RCOM debt settlement. Long term investors will await details about how this is going to be achieved and what are the sacrifices that will have to be made by different stakeholders,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

Addressing a press conference, Anil Ambani said the company has achieved full resolution of RCOM’s debt restructuring.

RCOM had close to Rs 45,000 crore debt on its books in October 2017, Ambani said.

Ambani said the company would close all the transactions by January-March 2018. He said the debt would be recast by remonetisation with zero write-off to lenders and bankers.

The Reliance Group Chairman said it would monetise the assets of its wireless business. He said some foreign players had shown interest in buying equity in the company, but no part of the debt would be converted into equity.

The stock of RCOM has been on the rise since last week after there were rumours that Mukesh Ambani would be buying the assets of Anil Ambani’s RCOM. RCOM shares have surged almost 65 per cent in three days.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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