Bharti Airtel Ltd. and Telenor signed the agreement for merger on February 2017 under which Airtel will acquire Telenor India's running operations in seven circles
The company said that it has received the approval of the Securities and Exchange Board of India (SEBI), BSE and National Stock Exchange of India Ltd. (NSE) for the proposed scheme of 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.
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, with the addition of 43.4 MHz spectrum in the 1800 MHz band – widely known as 2G spectrum but it is now being used for 4G services as well.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
