Bharti Airtel Completes Amalgamation of Nettle Infrastructure and Telesonic Networks
The Bharti Airtel in its filing of Bombay Stock Exchange (BSE) stated that the amalgamation is effective from 1st February
Bharti Airtel Completes Amalgamation of Nettle Infrastructure and Telesonic Networks
The Bharti Airtel in its filing of Bombay Stock Exchange (BSE) stated that the amalgamation is effective from 1st February and was carried out after the company received the requisite approvals.
The National Company Law Tribunal, (NCLT), Chandigarh bench had approved the amalgamation deal between Bharti Airtel and Nettle Infrastructure Ltd. (hereinafter referred to as Nettle) and Telesonic Networks Ltd. (hereinafter referred to as Telesonic).
The companies had filed a joint second motion company petition under Sections 230-232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (the "Rules").
"Both Nettle and Telesonic stand dissolved and amalgamated with the Company with effect from 1st February, 2023 and all assets, liabilities, contracts, deeds, bonds and other Instruments etc. of Nettle and Telesonic stand transferred to Bharti Airtel," stated by Bharti Airtel in its filing.
Further, it specified that 30,000 Rated, Listed, Unsecured, Guaranteed, Redeemable 5.35% Non-Convertible Debentures of the face value of Rs. 10,00,000 per Debenture totalling to principal amount of Rs. 3,000 crore and 17,500, 5.35% Listed Commercial papers of 5,00,000 each of an aggregate principal amount of Rs. 875 crore issued by Telesonic, shall also stand transferred in the name of Bharti Airtel Limited subject to completion of necessary corporate actions with depositories and Stock Exchanges.
The authorised share capital of the Nettle and Telesonic shall be totalled in the authorized capital of the Company.
The Bharti Airtel board back in April 2021 had the amalgamation of wholly-owned arms, Nettle Infrastructure Investments Ltd, Airtel Digital Ltd and Telesonic Networks Ltd with and into the Sunil Mittal-led parent company.
The demerger deal of the company's telecom business was cleared by the board and vesting the same with a new wholly-owned arm, Airtel Ltd, on a going concern basis after the completion of the aforesaid amalgamations.
However, in January 2022, that it would not be rearranging the corporate structure as proposed earlier since the reforms package announced by the government made the existing structure best suited to the potential growth it (the package) offered.
It had said that it would carry on with the plan to merge Nettle and Telesonic into itself, and would merge the DTH (direct to home) business under Bharti Telemedia into its telecom arm Airtel Limited to provide joint digital services to customers.