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RCom shareholders approve SSTL merger

Reliance Communications today said its shareholders have approved the proposal for merger of Sistema Shyam Teleservices with the company.

The deal between RCom and SSTL is valued at around USD 690 million (Rs 4,500 crore) and is expected to close in the second quarter of 2016.

SSTL will hold about 10 per cent stake in RCom and pay off its existing debt before closing the deal.

While the two companies did not disclose financial details of the deal, as per industry source SSTLs equity stake has been valued at USD 290-300 million at current prices. RComs 10 per cent stake comes at around USD 300 million.

Reliance Comm stock price

On March 09, 2016, at 10:12 hrs Reliance Communications was quoting at Rs 54.80, up Rs 0.25, or 0.46 percent. The 52-week high of the share was Rs 91.80 and the 52-week low was Rs 45.65. 

The latest book value of the company is Rs 144.12 per share. At current value, the price-to-book value of the company was 0.38.