RCom Allots 10% Equity Worth Rs. 415 Crore to Sistema Shyam Teleservices, Brings Down Promoter Group Shareholding
Reliance Communications has allotted 10% or 27.65 crore shares worth Rs 415 crore to Sistema Shyam Teleservices, which resulted in a decline of 5.92% points to 53.08% in RCom’s promoter group shareholding, the Anil Ambani-led telco said in a latest regulatory filing. The RCom-SSTL merger was finally approved by the telecom department last month. After the completion, RCom has acquired the entire telecom business of SSTL including its licences which bring along 30 MHz of spectrum in 800 MHz and 850 MHz bands. Following the completion, RCom is now working to shut down its loss-making wireless telephony business by December 30. RCom had previously said that it will now focus on 4G internet services. It will use SSTL’s 30 MHz of spectrum in 800 MHz and 850 MHz band to push its 4G services in India . A PTI report said that the Anil Ambani-led telco will have the liability to pay the DoT instalments for SSTL’s spectrum, amounting to Rs 390 crore per annum for the next 8 years....