UV Asset Resolution Co Ltd (UVARCL) and Reliance Jio Infocomm (Jio) are set to be declared the preferred bidders for Reliance Communications(Rcom) assets after lenders overwhelmingly voted in favour of the resolution plans submitted by these companies.

The approval was almost unanimous with a few small financial creditors refraining for voting, people familiar with the process said. As a result the vote was much higher than required 66% of lenders by value.

According to the plan approved by lenders RCom and its subsidiary Reliance Telecom Infrastructure Ltd (RTIL), will go to UVARC whereas the tower company Reliance Infratel will go to Reliance Jio for a total consideration of between Rs 200 billion to Rs 230 billion to be paid over a period of seven years.

Shares of the company gained Rs 0.03, or 3.8%, to trade at Rs 0.82. The total volume of shares traded was 671,387 at the BSE (1.29 p.m., Friday).