Reliance Communications Ltd. has received an approval of the Competition Commission of India (CCI) for the proposed Scheme of Arrangement for demerger of the Wireless division of the Company into Aircel Limited and Dishnet Wireless Limited (the Scheme).
The Company has already received approval from 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 and filed an application with the 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.38.15 as compared to the previous close of Rs. 38.25. The total number of shares traded during the day was 3890180 in over 6644 trades.
The stock hit an intraday high of Rs. 39.7 and intraday low of 37.2. The net turnover during the day was Rs. 149078364.