Sebi nod in hand, Airtel and Telenor go to NCLT for merger
Bharti Airtel and Telenor India on Thursday filed a joint application before National Company Law Tribunal for approval of their merger following nod from the market regulator SEBI and stock exchanges -- BSE and NSE.
"Telenor India and Airtel have on Thursday filed the joint company application before the New Delhi Bench of the National Company Law Tribunal for approval of the proposed Scheme of merger. The merger is inter alia subject to other statutory approvals including from the Competition Commission of India," Bharti Airtel said in a statement.
The company said that it has received the approval of the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) for the proposed scheme of merger. 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 statement said.
It will also enable Airtel to further bolster its strong spectrum footprint in these seven circles.