SEBI approves Reliance Communications-Aircel deal; stock gains
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.