SEBI approves Reliance Communications-Aircel deal; stock gains
In a BSE filing RCom said, "The company has received approval of the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) for the proposed Scheme of Arrangement for demerger of the Wireless division of the Company into Aircel Limited and Dishnet Wireless Limited (the Scheme). "
Reliance Communications on Wednesday said that the company has received approval from market regulator Sebi and Indian stock exchanges for its demerger of wireless division into Aircel.
In a BSE filing RCom said, "The company has received approval of the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) for the proposed Scheme of Arrangement for demerger of the Wireless division of the Company into Aircel Limited and Dishnet Wireless Limited (the Scheme). "
RCom has now filed an application with National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said Scheme.
Post transaction, RCom and the present shareholders of Aircel Limited will hold 50% each in Aircel Limited.
In the month of September 2016, Anil Ambani-backed Reliance Communications announced to transfer its wireless telecom business of Reliance Telecom (RTL) into Aircel and its subsidiaries.
Turnover of the wireless business undertaking of RTL as on March 2016, stood around Rs 10,605 crore, which is around 48% of the total turnover of RCom.
Shares of Reliance Communication was trading at Rs 36.90 per piece on BSE, up 1.79% at 10.37 am.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
10:49 AM IST