Update: On September 30th, Rajasthan HC approved the merger deal between RCOM and Sistema Shyam Teleservices Limited (SSTL), RCOM informed in a BSE filing. The deal is pending for sanction before the Bombay HC, Earlier: In March, Shareholders of Sistema Shyam Teleservices (SSTL), which owns the MTS brand in India have approved the merger of the company with Reliance Communications (RCOM) in a meeting convened by the Rajasthan High Court, reports Money Control. The company confirmed this to MediaNama and a spokesperson from SSTL told MediaNama that this was done through a voting system. However, a formal declaration will be made publicly after all the votes have been counted. The deal between RCom and SSTL is valued at around $690 million (~Rs 4,500 crore). Deal gets nod from regulators Note that earlier in January the BSE and NSE had both approved the merger deal following which in February, the Competition Commission of India and too had approved the merger deal. RCOM’s board members also gave a nod regarding the same in this month. It needs further approval from the Rajasthan and Bombay High Court after which RCom is expected to approach the DoT with further filings. The merger deal was first announced in November, under which MTS would hold 10% equity stake in Reliance Communications. With this, the new entity will acquire 9 million of MTS’ customers and 800/850 MHz band spectrum. At the time, the company said that this would extend the validity of RCOM’s spectrum in 800/850 MHz band in…
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