New Delhi: Ending the suspense over status of their talks for a possible amalgamation, Anil Ambani-led Reliance Communications (RCom) and South African Telecom major MTN have extended their exclusive negotiations till 21 July.
“RCOM and MTN have agreed to continue their negotiations in relation to such potential business combination, and have extended the period of exclusivity until 21 July,” RCom said in a statement.
“It is to be noted that there is no certainty either on completion, or the timing of the said proposal,” the statement added.
The two companies had first announced start of a 45-day exclusivity period on 26 May, which ended on 8 July.
Further, RCOM and MTN have cautioned its shareholders in dealing in the scrip of the companies.
“Shareholders are advised to exercise caution in their dealings in the companies’ securities dealings until a further announcement is made,” the two firms said in separate regulatory filings.
Amid the announcement of extension, RCom shares rose 4.57%, at Rs434.40 in morning trade on the BSE.