RCom enters into binding SPA to sell 100 percent equity in non-core DTH business

MUMBAI, Nov 28:  Telecom Major, Reliance Communications (RCom) has entered into a binding Share Purchase Agreement (SPA) with Pantel Technologies and Veecon Media & Television for sale of its subsidiary Reliance BIG TV (RBTV), engaged in the business of Direct-to-Home (DTH) services across India.
Pursuant to this transaction, the buyers will acquire the entire shareholding of RBTV with business on an as-is, where-is basis, along with existing trade and contingent liabilities.
The transaction ensures that all 1.2 million customers of BIG TV shall continue to enjoy uninterrupted services. It also ensures continuity of employment for approximately 500 employees of RBTV.
The transaction will help to reduce the liability of unsecured creditors, benefitting all stakeholders, including lenders and shareholders of the company.
The successful culmination of the transaction is subject to requisite approvals from licensors, regulatory authorities (Ministry of Information & Broadcasting) and lenders of the company. (UNI)

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