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| Exchange Disseminated Time 02/11/2015 17:10:17 | Reliance Communications Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 02, 2015, subject to the approval of the Shareholders, Creditors, High Court of Judicature at Bombay and High Court of
Rajasthan at Jaipur and Statutory and Regulatory Authorities, approved the scheme of arrangement (“Scheme”), which provides for transfer and vesting Wireless Telecom Business Undertaking of Sistema Shyam Teleservices Limited (“SSTL”) into the Company.
Pursuant to the Scheme, towards consideration of the transfer and vesting of the Wireless Telecom Business Undertaking, as currently proposed the Company will issue and allot to SSTL, 27,65,53,305 fully paid up equity shares of Rs.5 (Rupees
Five only) each of the Company aggregating to 10% of the fully diluted paid up share capital of the Company and perform its obligation under transaction document. The equity shares issued by the Company to SSTL will be listed on the stock exchanges on which the shares of the Company are presently listed.
The Scheme as approved by the Board would be available on the website of the Company post filing of the same with the Stock Exchanges. |
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