RCom hits record low as deal with Aircel called off
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Reliance Communications (RCom) hit a record low of Rs 17.45, down 9% on BSE in early morning trade, after the company said that it has called off its merger with Aircel, owned by Maxis of Malaysia. The stock surpassed its previous low of Rs 17.80 touched on June 14, 2017 on BSE in intra-day trade.
“Legal and regulatory uncertainties, and various interventions by vested interests, have caused inordinate delays in receipt of relevant approvals for the proposed transaction,” RCom said in a statement.
Unprecedented competitive intensity in the Indian telecom sector, together with fresh policy directives adversely impacting bank financing for this sector, have also seriously affected industry dynamics, it added.
RCom and among others Aircel had signed binding agreements in September 2016 for the merger of RCom's wireless businesses with Aircel.
Meanwhile, RCom in separate regulatory filing said that it is in discussions with the Brookfield group to sell up to 100% stake in its tower subsidiary instead of the 51% it had earlier agreed upon. The international tower company is also engaged in a revaluation of the deal because of the failure of the merger between Aircel and RCom.
At 10:14 AM; the stock was trading 6% lower at Rs 18 on BSE, as compared to 0.55% rise in the S&P BSE Sensex. A combined 22.61 million shares changed hands on the counter on the BSE and NSE so far.
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