Bharti Airtel shareholders approve merger proposal with Tata Teleservices as part of ongoing proceedings at NCLT

Last Updated: Thu, Aug 30, 2018 15:16 hrs
A Bharti Airtel office building is pictured in Gurugram

New Delhi: The board at telecom major Bharti Airtel on Wednesday approved a merger between the company and Tata Teleservices as part of ongoing proceedings at the National Company Law Tribunal (NCLT).

Bharti Airtel said in a regulatory filing that 99.97% shareholders approved a proposed composite scheme of arrangement between Tata Teleservices, Bharti Airtel and Bharti Hexacom.

There was 100 percent voting in favour of the resolution from the promoter and promoter group, as well as public - institutions category.

About 99.97 percent 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 28 August as per the directions of the Principal Bench of the NCLT in New Delhi.

Stocks of Bharti Airtel were trading at 0.99% or 3.70 points in the green at Rs 378.55 a share on the Bombay Stock Exchange at the time of reporting of the story.