Connect with us

Headlines of the Day

Airtel panel approves preferential allotment of 36.4 million shares to LMIL

Bharti Airtel on Monday said its special panel of directors has approved allotment of 36.4 million equity shares on a preferential basis to Warburg Pincus affiliate at Rs 600 issue price, as partial consideration towards Bharti Telemedia deal.

As per the contours of the recently-announced deal, Bharti Airtel will acquire a 20 per cent stake in its DTH arm Bharti Telemedia from Warburg Pincus affiliate Lion Meadow Investment Ltd for about Rs 3,126 crore.

“…the ‘Special Committee of Directors for Fund Raising’ of the company has, at its meeting held today, March 22, 2021, approved the allotment of 3,64,69,913 equity shares of the face value of Rs 5 each fully paid up, on a preferential basis to Lion Meadow Investment Ltd, an affiliate of Warburg Pincus at an issue price of Rs 600 per equity share (including a premium of Rs 595 per equity share)…,” Airtel said in a regulatory filing.

This is towards “partial consideration other than in cash against the acquisition of 10,20,40,000 equity shares, constituting 20 per cent of the equity share capital of Bharti Telemedia, by the company from Lion Meadow”, it informed.

As a result, Lion Meadow will hold about 0.664 per cent of the post-issue equity share capital of the company.

The paid-up equity share capital of the company stands increased to Rs 2,746 crore entailing “5,49,20,27,268 equity shares of Rs 5 each”.

Airtel had earlier stated that Bharti Telemedia transaction will be discharged primarily via issuance of about 3.64 crore equity shares of Airtel at a price of Rs 600 per share and up to Rs 1,037.8 crore in cash. PTI

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2024 Communications Today

error: Content is protected !!