Reliance Communication gets green signal from bourses on Sistema deal
Reliance Communications (RCom) today said stock exchanges BSE and NSE gave their go-ahead to its deal to acquire Russian conglomerate Sistema’s Indian telecom unit, Sistema Shyam Teleservices Ltd (SSTL).
“We wish to inform you that we have received observation letter from BSE Ltd and National Stock Exchange of India Ltd (NSE),” Reliance Communications said in a BSE filing.
It further said, “The company and SSTL are proceeding to file necessary application with the Bombay High Court and Rajasthan High Court respectively for approval of the scheme.”
In November, India’s fourth-largest telecom operator RCom announced acquisition of Sistema’s Indian telecom unit in an all-stock deal that will create an operator with 118 million subscribers.
As per the deal, SSTL will hold about 10 per cent stake in RCom and pay off its existing debt before closing the deal.
Russian tycoon Vladimir Evtushenkov-controlled AFK Sistema currently holds 56.68 per cent stake in SSTL while Russian government owns 17.14 per cent interest. Shyam Group has 23.98 per cent stake and the rest is owned by small investors.
Read full article: Financial Express
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