Sistema Shyam reduces stake in RCom to 7%

Sistema Shyam Teleservices today said it has swapped and sold 80.3 million shares representing 2.9 percent equity stake in Reliance Communications, thus reducing its total holding to about 7 percent.

"We...inform you of the disposal (swap)/sale of 8,03,80,191 equity shares of Rs 5 each representing 2.907 percent of shares of Reliance Communications Ltd (RCom)," Sistema Shyam Teleservices said in a regulatory filing pertaining to Reliance Communications.

It said that the transaction involved two parts - 69.5 million shares through swap of SSTL shares for RCom shares in line with the scheme of arrangement, and 10.8 million shares sold in the open market.

The share swapped were with regard to the minority shareholders of Sistema Shyam, a company official said.