The National Company Law Tribunal (NCLT) on Monday passed an order allowing the Aircel-Reliance Communications merger and also the Brookfield Towers sale to proceed, according to an IANS report on Monday.
According to sources, the tribunal overruled objections of Bharti Infratel, GTL and Ericsson. Further, according to a CNBC-TV18 report, the deal will help the company reduce its debt by Rs 11,000 crore.
NCLT also allowed Reliance Communications' (RCom) tower arm to carry out a 51 per cent stake sale to Canada's Brookfield for Rs 11,000 crore.
Together, both the deals could reduce the telecom firm's debt of nearly Rs 45,000 crore by as much as 60 per cent, ET reported last week.
RCom was in the news recently after its debt situation raised questions. Bonds of the company have taken a hit on global exchanges, while back home, the shares also took a hit.
RCom and Aircel had signed a definitive document for a proposed merger scheme of their respective wireless businesses on September 14, 2016.
Subsequently, the two telecom operators moved all the relevant statutory and regulatory bodies for approval of the merger scheme. The Competition Commission of India gave its approval to the merger scheme in February 2017.
Sources said the merger scheme before the NCLT-Mumbai Bench will see the final order being passed on September 13, 2017.
The Anil Ambani-owned telco's counsel had earlier said that it was running against time to complete the merger with Aircel and stake sale in its tower business. The beleaguered telecom company, which has defaulted on some repayment obligations, needs to complete the merger as well as the tower sale within the seven-month breather it has from lenders, which expires in December, ET had reported.
The buzz of rejig plans, including asset monetisation plans, boosted the stock. The RCom stock touched an intraday high of Rs 24.20 and an intraday low of Rs 20.10 on the Bombay Stock Exchange.