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RCom gets Sebi nod for merger with Aircel

LiveMint logoLiveMint 15-03-2017 PTI

New Delhi: Reliance Communications on Wednesday said it has received approvals from capital markets regulator Securities and Exchange Board of India (Sebi) and the stock exchanges for proposed demerger of its wireless business into Aircel Ltd.

“Reliance Communications has received approval of the Securities and Exchange Board of India (Sebi), BSE and NSE for the proposed scheme of arrangement for demerger of the wireless division of the company into Aircel Ltd and Dishnet Wireless Ltd,” the company said in a regulatory filing.

It further said: “Pursuant to the same, Reliance Communications has filed an application with National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said Scheme. The proposed transaction is subject to other necessary approvals”.

Shares of Reliance Communications were trading 2.48% higher at Rs 37.15 on BSE.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

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