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.

This is to meet the requirement for additional funds worth Rs 20,000 crore, it added. According to the notice, the ICD might be later converted into redeemable preference shares.

Similarly, ICD of Rs 5,220 crore already availed and those which might be availed from TTSL, TSL and Panatone could also be converted into non-cumulative redeemable preference shares, if the three entities seek to do so, as per the notice.

Tata Teleservices (Maha) Ltd has proposed to issue up to 200 crore redeemable preference shares of Rs 100 each for cash at par aggregating up to Rs 20,000 crore on preferential basis to TTSL, TSL or Panatone in tranches.

TTML said the fund-raising plans would be placed for shareholders’ approval at the annual general meeting to be held on September 29. On August 10, the company’s board approved the proposal to raise up to Rs 20,000 crore through issuance of non-cumulative redeemable preference shares, non-convertible debentures or ICDs and loans.

“The funds raised through one or more options will be utilised primarily for repayment/ prepayment of existing debt/ loans of the company, including deferred payment liability to Department of Telecommunications for spectrum and/ or for the redemption of the existing Redeemable Preference Shares issued earlier…,” the company said, according to PTI.

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11 Comments on "Bharti Airtel Shareholders Favours Merger Proposal With Tata Teleservices"

 

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adi
August 31, 2018 1:36 am 1:36 AM

The result is infront of you Mr Okhla the number one speed test app.

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Priyansh Singh
September 1, 2018 10:37 am 10:37 AM

I’ve the results just opposite to yours. No need to rant for that. Different Places, Different User Experiences.

PS : I’m from Uttarakhand.

Chetan Malhotra
August 31, 2018 8:55 am 8:55 AM

Mr. Cheater company has again started blatent lie advirtistment featuring Sasha chetri saying Airtel is fastest network as per ookla speed test result .. not sure who allowed then again as court restricted then earlier….

BRC
August 31, 2018 7:12 am 7:12 AM

Airtel shutdown 3g more faster than Vodafone but government website has not update this

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Deshi Gabru
September 1, 2018 10:43 am 10:43 AM

Proof

Nikhil Mumbai-Pune
August 31, 2018 10:06 pm 10:06 PM

Are you sure Airtel has shutdown 3G in your area?

saket
August 30, 2018 6:31 pm 6:31 PM

OFFTOPIC: Why DOT is asking 1600 cr for Airtel-tikona deal.

How can Tikona holding administritive spectrum of 4.4Mhz, for which DOT asking OTC???

Are Airtel able to use and actively using those 20Mhz spectrum in 5 circle, including Rajasthan.

Deepak Vasudevan
August 30, 2018 3:05 pm 3:05 PM

Is it worthy to port into Tata Docomo at this point?

Priyansh Singh
September 1, 2018 10:34 am 10:34 AM

Yes of course, if you want to use Data & Calls at dirt Cheap Prices. I’m using 49/- for unlimited calls (L+N+R) or 28 days. Also there is 98/- giving 1.4 GB/day for 28 days. Serves me well.

I’ve ported 3 numbers into Docomo.

Chetan Malhotra
August 31, 2018 8:53 am 8:53 AM

No ways , in another six months you will be back to Airtel since merger will be completed then…

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