Anil picks up 14.96 per cent stake in Spanco Telesystems

Anil Ambani-owned Reliance Capital (RCL) has proposed to buy 14.96 per cent stake in Spanco Telesystems and Solutions Ltd at a cost of Rs 32...

Anil Ambani-owned Reliance Capital (RCL) has proposed to buy 14.96 per cent stake in Spanco Telesystems and Solutions Ltd at a cost of Rs 32.27 crore.

Reliance Capital Ltd has agreed to subscribe to 29.80 equity shares and 5.70 lakhs warrants representing 14.96 per cent stake in Spanco at a price of Rs 90.90 per share, the company informed the Bombay Stock Exchange.

Spanco is issuing the shares to Reliance Capital under the preferential share route.

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The preferential issue is subject to approval by the shareholders of Spanco at the annual general meeting to be held on September 15, the company said.

This will be the third strategic acquisition by Anil Ambani’s Anil Dhirubhai Ambani Enterprises (ADAE) group after the formal announcement of the split in the Rs 1,00,000 crore Reliance empire in June.

Earlier, the ADAE group had acquired Adlabs and has finalised a deal to acquire the entire stake of AMP and Sanmar in AMP Sanmar Life Insurance.

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MUMBAI: Anil Dhirubhai Ambani Enterprises (ADAE) has appointed Rajesh Sawhney as President, Reliance Entertainment. Rajesh will be a key member of the ADAE leadership team in the media and entertainment space, and will initially focus on launching the group’s Internet and portal strategies, and providing movies, entertainment and gaming content for the benefit of millions of mobile customers of Infocomm. — ENS

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