Sistema Shyam continues to sell RCom shares; lowers stake to 3.44%

Sistema Shyam Teleservices Ltd (SSTL) today offloaded over 2.76 crore shares of debt-ridden Reliance Communications, lowering its holding to 3.44 per cent.

The company had sold 0.55 per cent stake in RCom yesterday, thereby reducing its holding to 4.43 per cent.

Last month, SSTL had shed 2.1 per cent of its equity holding in the company to 4.98 per cent in RCom.

According to the bulk deal data available with the National Stock Exchange (NSE) today, SSTL sold a total of 2,76,50,000 shares, amounting to 0.99 per cent stake, of the the RCom.

Shares were offloaded at Rs 10.57 apiece, valuing the transaction at Rs 29.22 crore, the data showed.

SSTL merged with RCom in October 2017. The company had 10 per cent stake at the time of merger.

In March, some of the minority stakeholders in SSTL swapped their shares with that of RCom which brought down SSTL holding in the company to 7.09 per cent.

RCom shares today closed 15.73 per cent lower at Rs 10.45 apiece on NSE. Yesterday, the stock had slumped by 7 per cent.