Reliance Communications Ltd. 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.
Shares of RELIANCE COMMUNICATIONS LTD. was last trading in BSE at Rs.36.8 as compared to the previous close of Rs. 36.25. The total number of shares traded during the day was 3901303 in over 6633 trades.
The stock hit an intraday high of Rs. 38.15 and intraday low of 36.25. The net turnover during the day was Rs. 144619543.