Anil Ambani led Reliance Communications (RCom), one of the leading telecom operators in India, witnessed a rise in share price on Wednesday after the company 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.
Shares of Reliance Communications (Q,N,C,F)* are trading at Rs 37.10, up Rs 0.85, or 2.34% at the Bombay Stock Exchange (BSE) on Wednesday at 12:12 p.m.
The scrip has touched an intra-day high of Rs 38.15 and low of Rs 36.25. The total volume of shares traded at the BSE is 2,713,436.
Total volume of shares traded on the bourses today was lower by 33.27% to 18,399,313 compared with 22-day average volume of 27,572,011.