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RCOM-Aircel merger gets shareholders' approval
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SME Times News Bureau | 25 Apr, 2017
Reliance Communications (RCOM) has received 99.99 per cent shareholders
approval for merger of its wireless business with Aircel, a company
statement said in New Delhi on Monday.
"The shareholders of Reliance
Communications at their meeting convened pursuant to the order of the
National Company Law Tribunal (NCLT), have today approved with 99.99 per
cent majority for the Scheme of Arrangement for demerger of the
wireless division of the company and Reliance Telecom Limited (RTL), a
wholly-owned subsidiary of the company, into Aircel Limited and Dishnet
Wireless Limited (the Scheme)," the company statement said.
It
was also approved by shareholders of RTL at their meeting held on Monday
pursuant to the order of the NCLT, the statement added.
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, BSE, National Stock Exchange of India Limited and
Competition Commission of India for the proposed Scheme of Arrangement.
The
RCOM-Aircel merger will create a strong operator clearly ranked amongst
India's top four telecom companies by customer base and revenues, also
ranking amongst the top three operators by revenues in 12 important
circles.
The statement said, 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)," the
statement said.
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, RCOM and the present shareholders of Aircel will hold 50 per
cent stake each in Aircel Limited.
RCOM shares were trading at Rs 34.45 per share, up 1.62 per cent in the BSE at 2.26 p.m.
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