MUMBAI: The National Company Law Tribunal (NCLT) on Monday admitted proposals for the merger between Aircel and Reliance Communications‘ wireless business, as well as the latter’s sale of its tower business to Canada’s Brookfield.
The Anil Ambani-owned telco’s shares were up nearly 19% intraday, closing 16.1% higher on Monday at Rs 24 a piece on the Bombay Stock Exchange.
An NCLT bench comprising judges BSV Prakash Kumar and V Nallasenapathy dispensed with the need for a creditors meeting to vote on the proposals. The hearing for final approval of the proposals was set for September 13.
The merger and sale of towers, if and when they happen, would help reduce RCom’s debt of nearly Rs 45,000 crore by as much as 60%. However, bot…
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