Bharti Airtel announced the completion of the merger of its wholly-owned subsidiaries Nettle Infrastructure Investments Limited (Nettle) and Telesonic Networks Limited (Telesonic).
The merger became effective on February 1 after the company received the necessary approvals from the National Company Law Tribunal, Chandigarh Bench on January 25, according to a filing to the Bombay Stock Exchange (BSE) late February 1.
It stated that 30,000 Rated, Listed, Unsecured, Guaranteed, Redeemable 5.35% Non-Convertible Debentures with a face value of Rs 10,00,000 each and an aggregate principal amount of Rs3,000 crores issued by Telesonic would be transferred to the company.
Further, 17,500, 5.35% Listed Commercial papers with a face value of Rs5,00,000 each and an aggregate principal amount of Rs875 crore issued by Telesonic, would be transferred in the name of Bharti Airtel.
The authorized share capital of Nettle and Telesonic will be added to the company's authorized share capital.
Following the completion of the aforementioned amalgamations, the board also approved the demerger of the company's telecom business and vesting it with a new wholly-owned arm, Airtel Ltd, on a going concern basis.
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