Moneycontrol
Last Updated : Mar 12, 2018 02:21 PM IST | Source: Moneycontrol.com

Bharti Airtel rises 3% on NCLT approval for scheme of amalgamation

A meeting of committee of directors is scheduled on March 13, to consider issue of NCDs on private placement basis aggregating upto Rs 3,000 crore.

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Share price of Bharti Airtel rose 3.6 percent intraday Monday on NCLT approval for scheme of amalgamation between Telenor and Airtel.

"National Company Law Tribunal (NCLT) has sanctioned the scheme of amalgamation between Telenor (India) Communications and Bharti Airtel and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013, company said in release.

The board of directors in its meeting held today has approved the issuance of non-convertible debentures (NCDs) of upto Rs 10,000 crore on a private placement basis in such tranches / series and at such rates as may be approved from time to time on cumulative basis along with all NCDs issued by the company.

It also approved issuance of foreign currency bonds upto a limit of USD 1 billion or equivalent in one or more tranches.

It is subject to the approval of the shareholders and other requisite approvals.

Also, a meeting of committee of directors is scheduled on March 13, to consider and subject to market and other conditions, issue listed, unsecured, rated, redeemable, Non-convertible Debentures (NCDs Series I and II) on private placement basis aggregating upto Rs 3,000 crore.

At 14:06 hrs Bharti Airtel was quoting at Rs 416.20, up Rs 14.25, or 3.55 percent on the BSE.

Posted by Rakesh Patil
First Published on Mar 12, 2018 02:14 pm
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