The shareholders of the Reliance Communication (RCom) approved the monetization of its assets.

RCOM's asset monetization is proceeding on fast track to close by March 2018, subject to lenders' consents and other regulatory approvals. Post monetization, the debt and liabilities of the company will reduce by Rs 250 billion by prepayment of debts and transfer of Department of Telecommunications' Spectrum Installments.

RCOM's continuing operations will comprise stable and profitable B2B focused businesses, including Indian and Global Enterprise, Internet Data Centres and the largest private submarine cable network in the world. These B2B businesses are stable, capital light and have sustained and predictable annuity revenues and profits, with immense growth potential amidst relatively low competitive intensity.

Shares of the company declined Rs 0.1, or 0.36%, to trade at Rs 27.85. The total volume of shares traded was 4,142,512 at the BSE (11.52 a.m., Friday).