Outcome of Board Meeting

• Security Code: 532712
• Company: RCOM

Reliance Communications Ltd has informed BSE that the Board of Directors (“Board”) of the Reliance Communications Limited (“Company”) and the Board of its subsidiary, Reliance Telecom Limited (“RTL”) at their respective meetings held on September 14, 2016, subject to the approval of their respective Shareholders, Creditors, High Court and Statutory and Regulatory Authorities, approved the scheme of arrangement (“Scheme”), which provides for (a) demerger, transfer and vesting of the Wireless Business Undertaking of the Company and RTL into Aircel Limited (“AL”) and its subsidiary, Dishnet Wireless Limited (“DWL”); (b) amalgamation of South Asia Communications Private Limited and Deccan Digital Networks Private
Limited into AL, (c) conversion of shareholder loans and redeemable preference shares issued by AL into equity shares of AL, (d) cancellation and reduction of share capital of AL. In relation to the Scheme, the Board of the Company and the Board of
RTL have also approved the execution of a Framework Merger Agreement and other transaction documents to be entered into between the Company, RTL, AL, DWL and other parties.