RCom falls ahead of NCLT’s approval for merger with Aircel

Shares of Reliance Communications fell in Friday’s trade ahead of The National Company Law Tribunal’s decision on Monday on whether or not to consider the proposal of merger between Reliance Communications’ wireless business and Aircel.

Following the development, the stock lost 1.18 per cent to Rs 1,568.20 on BSE. It opened at Rs 1,554.90 and touched an intraday high and low of Rs 1,578 and Rs 1,554.90 respectively.

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.

Promoters held 46.30 per cent stake in the company as of June 2017.

For the quarter ended June 30, 2017, the company reported total revenue at 70,434 crore and net profit stood at 8,196 crore.

The scrip touched its fresh 52-week high of Rs 1,665 on August 3, 2017 and its 52-week low of Rs 932 on November 9, 2016.