RCom gets SEBI nod for merger with Aircel

NEW DELHI (INDIA): Reliance Communications (RCom) said that it 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).

Pursuant to the same, Reliance Communications Limited 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.

Post closing, the Company and the present shareholders of Aircel Limited will hold 50% each in Aircel Limited.

On September 14, 2016, the company had announced that it will merge its wireless telecom business with smaller rival Aircel to create the country’s 4th-biggest mobile phone operator, with asset base of more than Rs 65,000 crore and net worth of Rs 35,000 crore.