Sistema Shyam Teleservices, which operates under MTS India brand, Friday received a nod from its shareholders for the planned merger with Anil Ambani-owned Reliance Communications (RCom).
A PTI report said that the decision was taken during a meeting convened by the Rajasthan High Court in Jaipur. An SSTL spokesperson confirmed the development to the news wire service.
“As per initial indications, members of the company have duly approved the merger process through voting by way of poll at the meeting and through e-voting,” the spokesperson informed PTI. The development follows a similar nod from RCom shareholders. The RCom-SSTL merger deal has already been cleared by the Competition Commission of India and Sebi.
The merger deal now requires clearances from the Rajasthan High Court and the Bombay High Court. Following approvals from these courts, RCom will approach the Department of Telecom for final paperwork, the report said. The deal between RCom and SSTL is valued at around Rs 4,500 crore and is expected to close in the second quarter of 2016.