Reliance Communications (RCOM) has received approval of the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) for the proposed Scheme of Arrangement for demerger of the wireless division of the company into Aircel Limited and Dishnet Wireless Limited (the Scheme).
Pursuant to the same, Reliance Communications has filed an application with 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 per cent each in Aircel.
