MASTER-Kislovodsk auto-detection system discovered a faint transient in the Andromeda galaxy on January 13th 2015. It was originally identified as a classical nova and received designation M31N 2015-01a. Further observations showed discrepancies with the spectra and lightcurves typical for the classical novae. The transient was re-identified as a likely stellar merger (aka Luminous Red Nova (LRN)), similar to V838Mon. In this presentation I will deliver a short overview of our current understanding of this class of objects and a summary of the current state of the ongoing observing campaign of the M31 LRN. Recent results will be discussed with a particular emphasis on the contributions made possible by GTC and other observing facilities at Observatorio Roque de los Muchachos. At the final part of the presentation I will touch on follow up observations once M31 is available for observations again.