Bharti Airtel said it has completed the merger of wholly owned subsidiaries Nettle Infrastructure Investments Limited (Nettle), Telesonic Networks Limited (Telesonic).
The amalgamation is effective February 1 and was carried out after the company received the requisite approvals from National Company Law Tribunal, Chandigarh Bench on January 25, it said in a filing to the Bombay Stock Exchange (BSE) late February 1.
“Both Nettle and Telesonic stand dissolved and amalgamated with the Company w.e.f. February 01, 2023 and all assets, liabilities, contracts, deeds, bonds and other Instruments etc. of Nettle and Telesonic stand transferred to the Company (Bharti Airtel),” Bharti said in the filing.
It added that 30,000 Rated, Listed, Unsecured, Guaranteed, Redeemable 5.35% Non-Convertible Debentures of the face value of Rs 10,00,000 per Debenture of an aggregate principal amount of INR 3,000 crores and 17,500, 5.35% Listed Commercial papers of 5,00,000 each of an aggregate principal amount of INR 875 crores 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 added to the authorized share capital of the Company.
Back in April 2021, the Bharti Airtel board 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 board also cleared the demerger of the company’s telecom business, and vesting the same with a new wholly-owned arm, Airtel Ltd, on a going concern basis subsequent to the completion of the aforesaid amalgamations.
However, in January 2022, that it would not be rejigging the corporate structure as planned 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 continue with the plan to fold 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 converged digital services to customers.
