Companies & Sectors
SEBI, BSE, NSE approve RCOM-Aircel deal
Reliance Communications (RCOM) has got approval of the SEBI, BSE and NSE for the proposed de-merger of its wireless division into Aircel, the company said on Wednesday.
 
"Reliance Communications has received approval of the Securities and Exchange Board of India (SEBI), BSE Ltd and National Stock Exchange of India Ltd (NSE) for the proposed Scheme of Arrangement for de-merger of the wireless division of the company into Aircel and Dishnet Wireless Ltd," a company statement said.
 
"Pursuant to the same, Reliance Communications Ltd has 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," it added.
 
Post closing, RCOM and the present shareholders of Aircel will hold 50 per cent each in Aircel.
 
Industrialist Anil Ambani-led RCOM and Aircel announced plans to merge their wireless operations on September 14, 2016 to give birth to an entity with assets worth Rs 65,000 crore. 
 
RCOM and Maxis Communications Berhad (MCB) will hold 50 per cent each in the merged entity with equal representation on the board and committees. 
 
The merged entity will have the second-largest spectrum holding among all operators, aggregating 448 MHz across the 850, 900, 1,800 and 2,100 MHz bands.
 
The transaction will reduce RCOM's debt by Rs 20,000 crore, while Aircel's debt would go down by Rs 4,000 crore on closing in 2017.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Murali Kumar

6 months ago

Content and Title dosent match..

State election results to facilitate reforms: Moody's
Global credit rating agency Moody's Investor's Service on Wednesday said the recent state election results will facilitate reforms by the BJP led Indian government.
 
In a statement Moody's said the 2017 state election results demonstrate broad-based popular support for the Indian government's policy agenda and will facilitate the implementation of further reforms, a credit positive for the sovereign.
 
Moody's said the Bharatiya Janata Party (BJP) has made substantial gains in the state elections.
 
As a result, the party will increase its share of seats in the upper house of India's parliament.
 
"The ruling party will not feel the benefit of its electoral gains immediately, because the changes in the upper house will only occur next year, when some members retire," said William Foster, a Moody's Vice President and Senior Credit Officer.
 
"Nevertheless, electoral support at the state level should translate into broader support for government policy in the upper house, facilitating the passage and implementation of additional reforms," added Foster.
 
The BJP's solid gains were despite the negative economic hit from demonetisation in late 2016, Moody's said.
 
According to Moody's in 2018, 69 seats in the upper house, including 10 from Uttar Pradesh and one from Uttarkhand, will come up for reelection.
 
If the BJP-led coalition increases its seat tally to or close to an outright majority, passage of policies will become easier, helping to accelerate reform.
 
In addition, collaboration between the central government and the new BJP-led states could improve, partially circumventing impediments to reform at the federal level on politically sensitive issues like land and labour reform.
 
This situation would support state-led reform momentum. For example, BJP-led states like Gujarat and Rajasthan have already amended some land and labour laws, Moody's said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Insurance: Fine Print
Will Cap on Stent Prices Help?
The National Pharmaceutical Pricing Authority (NPPA) putting a cap on the price of stents is to prevent hospitals from overcharging. But there are reports of several hospitals finding ways to shift the charges to other heads. NPPA plans to get billing data from insurance companies and IRDAI to verify that the benefit of the reduction in stent prices is...
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