RCOM and Aircel may complete merger by July
The deadline for exclusive negotiations between both sides was extended for a month till June 22nd.
Anil Ambani led Reliance Communications and Aircel are in talks to finalise much anticipated merger by this early next month, according to reports.
Report says that the deadline for exclusive negotiations between both sides was extended for a month till June 22nd.
As per the terms, RCom will hive off its wireless business into a separate arm - special purpose vehicle - in the form of a slump sale.
Reliance Communications Ltd ended at Rs. 49.2, up by Rs. 0.35 or 0.72% from its previous closing of Rs. 48.85 on the BSE.
The scrip opened at Rs. 49 and touched a high and low of Rs. 50.05 and Rs. 48.8 respectively. A total of 19210219(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 12245.78 crore.
The BSE group 'A' stock of face value Rs. 5 touched a 52 week high of Rs. 91.8 on 01-Jan-2016 and a 52 week low of Rs. 45.65 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 50.05 and Rs. 47.55 respectively.
The promoters holding in the company stood at 58.85 % while Institutions and Non-Institutions held 28.77 % and 11.09 % respectively.
The stock traded below its 200 DMA.