RCom Reliance Communications clears barrier in Sistema merger

adithya

adithya

Core Member
Clearing a major hurdle in its proposed merger with Sistema, Reliance Communications (RCom) has provided a bank guarantee of Rs 390 crore to the government for transfer of spectrum in the 800 MHz band to it. The department of telecommunications (DoT) is expected to give a final green signal to the merger this week. Sources said the bank guarantee was provided to RCom by YES Bank. Under the deal, Sistema Shyam Teleservices (SSTL) will merge into RCom and get a 10 per cent stake in the company in return, valued at Rs 650 crore in current prices.

Reliance Communications clears barrier in Sistema merger | Business Standard News
 
You must log in or register to reply here.
Top