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  Business   Companies  15 Mar 2017  RCom gets SEBI nod for merger with Aircel

RCom gets SEBI nod for merger with Aircel

PTI
Published : Mar 15, 2017, 12:54 pm IST
Updated : Mar 15, 2017, 12:56 pm IST

Company has also filed application with National Company Law Tribunal for approval of scheme.

Reliance Group Chairman, Anil Ambani (Photo: File)
 Reliance Group Chairman, Anil Ambani (Photo: File)

New Delhi: Reliance Communications today said it has received approvals from markets regulator 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 at 2.48 per cent higher at Rs 37.15 on BSE.

Tags: rcom, reliance communications, aircel, sebi, merger, dishnet wireless
Location: India, Delhi, New Delhi