RCom, Sistema Shyam merger gets DoT approval
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As a result of the demerger, SSTL will receive a 10% equity stake in RCom. However, the Anil Ambani-promoted firm will have to pay Rs 390 crore per annum for next eight years to DoT as spectrum liability for acquiring the spectrum of Sistema Shyam.
The transaction is expected to close by the first week of next month. SSTL has operations in nine circles.
According to sources, the value of acquired spectrum is around Rs 7,400 crore as per latest auction prices. An equity of 10% in RCom is valued at around Rs 650 crore. Apart from 10% equity, SSTL would not get any Board seat or veto rights, sources said.
The deal between the two firms does not involve any cash flow and SSTL will pay off all its existing debt prior to the closure of the deal.
Recently, RCom called off its merger talks with Aircel over legal and regulatory hurdles. It is also in the process of selling off its mobile towers to Brookfield Infrastructure, which is expected to bring down its Rs 45,000 crore debt.
Also, Ericsson had filed for insolvency in the NCLT under the newly-formed Insolvency and Bankruptcy Code to recover Rs 1,150 crore from RCom for the supply of services and equipment. Currently, RCom is in the process of strategic debt restructuring under which banks will not collect interest till December this year.
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At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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