Mumbai: Reliance Communications Ltd (RCom) gets the approval of the Capital markets regulator Securities and Exchange Board of India (SEBI) for spinning-off and merging its wireless operations with Aircel Ltd and Dishnet Wireless Ltd as per stock market disclosure.
The stock exchanges BSE and NSE have also given their approval for the proposed merger to create an entity between both the companies.
Reliance Communications has now filed an application with the National Company Law Tribunal (NCLT) to get the tribunal’s clearance on this scheme. RCom and the shareholders of Aircel Ltd (Maxis Communications Berhad) will hold 50 per cent each in the merged entity with holding equal representation in the board.
Last year, RCom had announced regarding its merging with a wireless telecom business rival Aircel to create the country’s fourth biggest mobile phone operator, with an asset base of not less than Rs 65, 000 crore and net worth of Rs 35, 000 crore.