RCom shares fall 6%
DSIJ Intelligence / 03 Aug 2017
Shares of Reliance Communications (RCom) tanked by over 6% intraday on Thursday following a report that National Company Law Tribunal (NCLT) will look into the merger proposal of RCom and Aircel on Thursday.
Shares of Reliance Communications (RCom) tanked by over 6% intraday on Thursday following a report that National Company Law Tribunal (NCLT) will look into the merger proposal of RCom and Aircel on Thursday.
According to the Department of Telecommunications (DoT), the proposed partners need a no-objection or clearance from the Supreme Court before it approves the deal.
RCom’s lenders China Development Bank, Standard Chartered Bank and HSBC have given their consent before NCLT for the merger proposal to be admitted by the tribunal. However, equipment supplier Ericsson has objected to the merger proposal being heard by the tribunal. Ericsson has outstanding dues to recover from RCom, and GTL Infrastructure’s Chennai Network Infrastructure.
Meanwhile, the stock was trading lower by 5.79% at Rs 23.60 per share on BSE at 1206 hours. It opened at Rs 24.60 per share.
It attracted total traded volume of 2,00,63,903 shares and traded value of Rs 4,733.07 lakh on NSE at 1209 hours.
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