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Bharti Airtel rallied over 3 percent in morning trade on Friday, after India's largest telecommunications services provider, received the approval of the Securities Exchange Board of India (SEBI), Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) for the proposed scheme of a merger between Airtel and Telenor Communications.
At 09:50 am; Bharti Airtel was trading 3.3 percent higher at Rs379. It hit a high of Rs381.35 and a low of Rs369.80 so far in trade today.
Airtel further stated that Telenor and Airtel have filed on Thursday the joint company application before the New Delhi Bench of National Company Law Tribunal (NCLT) for the approval of the proposed scheme of merger.
The merger is inter alia subject to other statutory approvals including from the competition commission of India (CCI). The Airtel-Telenor buyout has also triggered talk of job losses in the industry.
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