RCom to apply for MTS merger with 2 high courts

The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have already given clearances to RCom merger of SSTL.

Reliance Communications will, reportedly, apply to the Bombay and Rajasthan High Court for clearing the merger of Sistema Shyam Teleservices (SSTL) soon.

As per reports, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have already given clearances to RCom merger of SSTL.

Reports stated that the deal will result in SSTL holding 10% stake in RCom. Moreover, RCom will also pay SSTL's spectrum installations amounting to Rs. 392 crore per annum for next 10 years.

Stock commentary:

Reliance Communications Ltd is currently trading at Rs. 78.1, up by Rs. 0.15 or 0.19% from its previous closing of Rs. 77.95 on the BSE.

The scrip opened at Rs. 79.7 and has touched a high and low of Rs. 80.15 and Rs. 77.65 respectively. So far 4902013(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 19401.6 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 91.8 on 01-Jan-2016 and a 52 week low of Rs. 45.65 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 85.1 and Rs. 73.8 respectively.

The promoters holding in the company stood at 59.7 % while Institutions and Non-Institutions held 29.58 % and 10.3 % respectively.

The stock is currently trading above its 50 DMA.