NCLT to decide on RCom-Aircel merger on August 14

MUMBAI: The National Company Law Tribunal is set to pronounce its decision on Monday on whether or not to consider the proposal of merger between Reliance Communications' wireless business and Aircel.

Shares of RCom closed 4.9 per cent lower at Rs 21.20 on the BSE on Thursday, the day when a bench comprising Justices BSV Prakash Kumar and V Nallasenapathy said they would deliver the decision on August 14.

The merger of RCom and Aircel has already received approvals from Sebi, CCI, BSE and NSE.

The merger, if it happens, will set the ball rolling for a sale of RCom’s stake in its tower unit to Canada’s Brookfield. Together, the deals could reduce the telecom firm’s debt of nearly Rs 45,000 crore by as much as 60 per cent.