Ambani feud: MTN to hold AGM on Thursday | business | Hindustan Times
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Ambani feud: MTN to hold AGM on Thursday

business Updated: Jun 17, 2008 22:37 IST
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The South African mobile giant MTN, which is in exclusive talks with Anil Ambani-led RCOM, would hold its AGM on Thursday which comes amid a controversy on whether Mukesh Ambani-led RIL has first right of refusal for a controlling stake in RCOM or not.

The shareholders of MTN, which had late last month announced start of 45-day exclusive negotiations with Reliance Communications, would meet for the Annual General Meeting on June 19, the company has said in a notice to its shareholders.

The exclusive negotiation period would end in the first week of July.

Meanwhile, the shares of MTN today dropped by over two per cent in Johannesburg Stock Exchange.

Shares of RCOM also dropped by nearly 2 per cent on the Bombay Stock Exchange amid the tussle between the two Ambani siblings over the proposed MTN deal.

The RCOM scrip touched an intra-day low of Rs 525.25 in the morning trade, down 1.84 per cent as against yesterday's closing price of Rs 535.10 on the BSE. However, the counter recovered slightly to closed at Rs 530.20, down 0.92 per cent.

Mukesh-led Reliance Industries closed at Rs 2,329.20, up 1.94 per cent after touching an intra-day high of Rs 2,334.90 and low of Rs 2,262 on the bourse.

On the Johannesburg Stock Exchange, MTN shares fell 2.84 per cent to 135 rand.

A communication by RIL claiming its first right of refusal to buy a majority equity in RCOM had triggered the latest round of fight in middle of Anil Ambani Group company's negotiation with South African telecom major MTN group for an estimated 70 billion dollar amalgamation deal.