RCom to Discuss Air­cel Merger on Aug 12

The Economic Times - - Companies: Pursuit Of Profit - Our Bureau

Mum­bai: Re­liance Com­mu­ni­ca­tions (RCom) on Wed­nes­day said its board will meet on Au­gust 12 to re­view mat­ters re­gard­ing the pro­posed merger with Air­cel and look into con­ver­sion of debt to eq­uity shares, if and when needed.

In a fil­ing to BSE, the com­pany stated ‘the board will con­sider, re­view and ap­prove mat­ters re­lat­ing to scheme of ar­range­ment be­tween the com­pany and Air­cel Ltd sub­mit­ted to NCLT’. The board will also look into other delever­ag­ing mea­sures un­der­taken/to be un­der­taken by the com­pany dur­ing the AGM this Satur­day. The share­hold­ers ap­proval will be taken if there is any con­sid­er­a­tion of con­ver­sion of bond to eq­uity shares if and when needed for is­sue of NCDs /other debt se­cu­ri­ties and up­date all on the on­go­ing debt re­struc­tur­ing.

Rcom shares closed at ₹ 22.30 down by 2.62% on BSE on Wed­nes­day.

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