Tuesday, 20 November, 2018


Bharti Airtel rises 3% on NCLT approval for scheme of amalgamation

Bharti Enterprises chairman Sunil Mittal Bharti Airtel rises 3% on NCLT approval for scheme of amalgamation
Melba Vasquez | 14 March, 2018, 00:23

Last month, Singtel had announced plans to raise its stake in Bharti Airtel by investing Rs 2,649 crore in the telco's holding company, Bharti Telecom, through a preferential share issue, proceeds of which would be used to cut debt.

The company's board has approved "issuance of non-convertible debentures of up to Rs 10,000 crore on a private placement basis", the company said in a regulatory filing to the BSE.

The company will now approach shareholders for final approval of the proposed funds. "The latest net asset value of each Subscription Share, based on BTL's Indian GAAP standalone management accounts as of 31 December 2017 was approximately INR23.8 and accordingly, the aggregate net asset value of the Subscription Shares is approximately $40.7m (INR2b)".

Bharti Telemedia, which provides DTH service under Airtel Digital TV brand, had a turnover of Rs 3435.8 crore in FY17 comprising 6% of Airtel total revenue. Such tranches/ series and at such rates may be approved from time to time on cumulative basis along with all NCDs issued by the company. Shares of Bharti Airtel were trading 4.12 per cent up at Rs 418.50 on BSE.

In January, the company had made a decision to transfer 25 per cent equity shares in Bharti Telemedia to its wholly owned subsidiary Nettle Infrastructure Investments.

The stock was the biggest gainer among the blue-chips on both Sensex and Nifty. Through its wholly owned subsidiary Nettle Infrastructure Investments Ltd, Airtel divested 83 million shares of Bharti Infratel through a secondary share sale in the stock market for over Rs 3,325 crore.

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