Reliance Communications (RCom) has received approval of the Securities and Exchange Board of India (SEBI), Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) for the proposed Scheme of Arrangement for demerger of the Wireless division of the Company into Aircel and Dishnet Wireless (the Scheme).
Pursuant to the same, RCom 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 will hold 50% each in Aircel.
