Reliance Communications rises 5% on wireless biz demerger approval
The company has filed an application with National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said scheme
Reliance Communications shares rose 5.2 percent intraday Wednesday on approval received for demerger of its wireless division.
"The company has received approval of the Securities and Exchange Board of India (SEBI), BSE (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," as per company release.
"The company has filed an application with National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said scheme," it added.
The proposed transaction is subject to other necessary approvals.
On closing of the said scheme, the company and the present shareholders of Aircel will hold 50 percent each in Aircel.
At 11:10 hrs Reliance Communications was quoting at Rs 37.20, up Rs 0.95, or 2.62 percent on the BSE.Posted by Rakesh Patil