Anil Ambani led Reliance Communications (RCom), one of the leading telecom operators in India, 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 and Dishnet Wireless (the scheme).
The company has already received approval from the Securities and Exchange Board of India (SEBI), BSE and National Stock Exchange of India (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 will hold 50% each in Aircel.
Shares of the company gained Rs 0.25, or 0.65%, to trade at Rs 38.50. The total volume of shares traded was 2,382,104 at the BSE (10.41 a.m., Monday).