Reliance Communications (RCom) has received an observation letter (approval to proceed) from the stock exchanges for its proposed takeover of Sistema JSFC’s India telecommunications business.
Sistema JSFC’s is a publicly-traded diversified holding company in Russia and the CIS.
The company said it got letters from both BSE and National Stock Exchange of India Ltd.
On November 2, 2015, RCom had entered into an agreement to take over Sistema Shyam TeleServices Ltd (SSTL), which provides telecom services under the brand name, MTS.
At 1.14 pm the share was trading at Rs 79.75, up 1.14 per cent on the BSE on Thursday.