Telecom major Bharti Airtel today said a meeting of its shareholders and creditors has been convened next month to consider the proposed amalgamation of Telenor Communications with it. The company in a filing to BSE said that pursuant to an order of the Special Bench of the National Company Law Tribunal, a meeting of equity shareholders and unsecured creditors of Bharti Airtel Limited (the Company) has been convened on September 19. The meeting has been convened “for the purpose of considering, and if thought fit, approving with or without modification the proposed scheme of amalgamation between Telenor Communications Pvt Ltd and Bharti Airtel Ltd and their respective shareholders and creditors”, Bharti Airtel said in a regulatory filing.
Airtel and Telenor signed the agreement for merger on February 2017 under which Airtel will acquire Telenor India’s running operations in seven circles —— Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
These circles represent a high population concentration and therefore, offer a high potential for growth. The proposed acquisition will include transfer of all of Telenor India’s assets and customers, further augmenting Airtel’s overall customer base and network, the company had earlier said.
The merger deal had received approval from capital market regulator Sebi and the Competition Commission of India in June. Shares of Bharti Airtel today closed 2.43 per cent up at Rs 416.55 on BSE.