Reliance Communications is currently trading at Rs. 34.45, up by 0.55 points or 1.62 % from its previous closing of Rs. 33.90 on the BSE.
The scrip opened at Rs. 34.10 and has touched a high and low of Rs. 34.80 and Rs. 33.80 respectively. So far 1200319 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 60.45 on 28-Apr-2016 and a 52 week low of Rs. 30.65 on 25-Jan-2017.
Last one week high and low of the scrip stood at Rs. 36.00 and Rs. 33.50 respectively. The current market cap of the company is Rs. 8499.87 crore.
The promoters holding in the company stood at 59.08%, while Institutions and Non-Institutions held 24.93% and 15.99% respectively.
Reliance Communications (RCom) has received approval for demerger of wireless business into Aircel. The shareholders of RCom at their meeting convened pursuant to the order of the National Company Law Tribunal (NCLT) have approved with 99.99% majority for the Scheme of Arrangement for demerger of the Wireless division of the Company and Reliance Telecom (RTL), a wholly owned subsidiary of the Company into Aircel and Dishnet Wireless. The Scheme was also approved by shareholders of RTL at their meeting held on April 24, 2017 pursuant to the order of the NCLT. The Shareholders of Aircel have also approved the said Scheme at their meeting held on April 22, 2017, convened under the order of the NCLT.
The Company has already received approval from the Securities and Exchange Board of India (SEBI), Bombay Stock Exchange (BSE), National Stock Exchange of India (NSE) and Competition Commission of India (CCI) for the proposed Scheme of Arrangement. The RCOM-Aircel merger will create a strong operator clearly ranked amongst India’s top 4 telcos by customer base and revenues, also ranking amongst the top 3 operators by revenues in 12 important circles. The merged entity will have the second-largest spectrum holding amongst all operators, aggregating 448 MHz across the 850, 900, 1800 and 2100 MHz bands, and will enjoy enhanced business continuity through extended validity of spectrum holdings till 2033-36. It will be one of India’s largest private sector companies, with an asset base of over Rs 65,000 crore ($ 10 billion) and net worth of Rs 35,000 crore ($ 5.38 billion).
RCOM’s overall debt including the deferred spectrum payment liability will be reduced by Rs 20,000 crore ($ 3.07 billion) and Aircel’s debt will reduce by Rs. 4,000 crore ($ 615 million), upon completion of the transaction. A petition is being filed with the 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% stake each in Aircel.
Download APP
