Bharti Airtel seeks shareholders nod to issue of 3.64 crore shares to Lion Meadow Investment

Telecom company Bharti Airtel on Friday said, “It will seek shareholders nod for the issuance of about 3.64 crore equity shares of the company to Lion Meadow Investment Limited (LMIL) to execute its deal for buying an additional 20 percent stake in its DTH arm Bharti Telemedia.”

In a filing with the exchange, Bharti Airtel said, “An Extraordinary General Meeting of the company will be held on March 19, 2021, to seek the approval of the members of the company on a preferential basis through a special resolution.”

“The company will seek shareholders’ approval to create an offer, issue, and allot up to 3,64,69,931 equity shares of the face value of Rs 5 each fully paid upon preferential basis to LMIL,” the failing said.

“This would be as partial consideration other than in cash for the sale of 10,20,4000 equity shares of Rs 10 each fully paid of Telemedia held by LMIL to the company for Rs 600 per equity,” the statement added.

Earlier Bharti Airtel announced to acquire a 20 percent stake in Bharti Telemedia from Warburg Pincus affiliate LMIL.