RCom's stock rises 16% after Aircel merger petition accepted

Shares of Reliance Communications on Monday closed 16.14% higher on BSE, after National Company Law Tribunal accepted petition for the firm's wireless wing's merger with Aircel. The Tribunal also accepted petition for 51% stake sale in the company's tower arm to Brookfield Infrastructure Group. The merger, along with sale in the tower business, could reduce the company's debt by 60%.