Reliance Communications on Wednesday said it has received approvals from markets regulator SEBI and the stock exchanges for proposed demerger of its wireless business into Aircel Ltd.
"Reliance Communications has received approval of the Securities and Exchange Board of India (SEBI), BSE and NSE for the proposed scheme of arrangement for demerger of the wireless division of the company into Aircel Ltd and Dishnet Wireless Ltd," the company said in a regulatory filing.
It further said: "Pursuant to the same, Reliance Communications has filed an application with National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said Scheme. The proposed transaction is subject to other necessary approvals".
Shares of Reliance Communications were trading at 2.48 per cent higher at Rs 37.15 on BSE.