Reliance Communications is planning to combine its wireless business with Aircel and both parent companies will hold 50% each, according to reports.
Report says that the two companies scrapped an initial plan to form a new listed company to run their combined wireless businesses.
RCom and Aircel will each transfer Rs. 14,000 crore of debt to their wireless company, says report.
Reliance Communications Ltd ended at Rs. 53.35, down by Rs. 1.1 or 2.02% from its previous closing of Rs. 54.45 on the BSE.
The scrip opened at Rs. 55.2 and touched a high and low of Rs. 55.5 and Rs. 51.9 respectively. A total of 13302850(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 13278.71 crore.
The BSE group 'A' stock of face value Rs. 5 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. 55.5 and Rs. 50.45 respectively.
The promoters holding in the company stood at 58.85 % while Institutions and Non-Institutions held 29.49 % and 10.38 % respectively.
The stock traded above its 100 DMA.