Bharti Airtel Shareholders Favours Merger Proposal With Tata Teleservices

Shareholders of Bharti Airtel has approved the proposed merger with Tata Teleservices, according to the company. The merger which is now looking for the approval from National Company Law Tribunal (NCLT) is expected to be finished by the end of March 2019. In a regulatory filing, Airtel revealed that 99.97% of shareholders voted in favour of the merger. “The special resolution to approve the proposed composite scheme of arrangement between Tata Teleservices, Bharti Airtel and Bharti Hexacom received 99.97% voting in favour of the resolution,” Bharti Airtel said in a regulatory filing.

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There was 100% voting in favour of the resolution from the promoter and promoter group, as well as public institutions category. About 99.97% votes were cast in favour of the proposal by the public non-institutions shareholders, it added. The filing detailed out the “voting results of the meeting of equity shareholders of Bharti Airtel” convened on August 28 as per the directions of the Principal Bench of the NCLT in New Delhi.

Airtel’s Subscriber Base to Get a Boost

With the merger of Tata Teleservices, Airtel’ subscriber base will receive a major boost. Airtel is currently the leading telecom operator in India with the subscriber base close to 350 million, however, the merged entity of Idea-Vodafone will dethrone Airtel to become the leading telco in terms of subscriber base with over 430 million users under its belt.

Tata Tele Maharashtra Seeks Shareholders’ Nod to Raise Rs 20,000 Crore

In other news, Tata Teleservices Maharashtra Limited has sought approval of shareholders to raise up to Rs 20,000 crore, including from its promoters, mainly for repayment of debt. The company might initially accept Inter-Corporate Deposit (ICD) “from the promoters including Tata Teleservices Ltd (TTSL) and/or Tata Sons Ltd (TSL) and/or Panatone Finvest Ltd (Panatone)…,” according to a notice sent out to shareholders.