SSTL sells 2 per cent stake in RCOM; total holding stands at 4.59 per cent

Sistema Shyam TeleServices Limited (SSTL), the Indian telecom arm of Russia-based Sistema, has sold a little over 2 per cent of its equity holding in Reliance Communications (RCOM) in the open market. Post this, its stake in RCOM stands at 4.9 per cent. The sale consisted of 58,310,661 equity shares of Rs 5 each, which comprise 2.108 per cent of the shares of RCOM. At the closing price of RCOM’s shares, the transaction value stands at around Rs 1.42 billion. SSTL merged with RCOM in October 2017. At the time of the merger, the company had a 10 per cent stake in RCOM. Subsequently, some of SSTL’s minority stakeholders swapped their shares for those of RCOM which brought down SSTL’s stake to 7.093 per cent. With the current stake sale, Sistema’s stake in RCOM has reduced further to 4.59 per cent.