Telesonic Networks Limited and Nettle Infrastructure Investments Limited, two of Bharti Airtel's fully owned companies, have merged (Telesonic).
The merger took place after the company acquired the necessary permissions from the Chandigarh Bench of the National Company Law Tribunal on January 25, according to a late-February 1 filing to the Bombay Stock Exchange (BSE). The merger became effective on 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.
The statement also stated that Bharti Airtel Limited would assume ownership of 30,000 rated, listed, unsecure, guaranteed, redeemable, 5.35% non-convertible debtentures with a face value of Rs 10,00,000 each and an aggregate principal amount of INR 3,000 crores as well as 17,500 5.35% Listed Commercial Papers with a face value of Rs 5,000 each and an aggregate principal amount of INR 875 crores issued by Telesonic.
The authorised share capital of the Company will be increased by the authorised share capital of Nettle and Telesonic.
The merger of the Sunil Mittal-led parent company's wholly-owned subsidiaries Nettle Infrastructure Investments Ltd, Airtel Digital Ltd, and Telesonic Networks Ltd was approved by the Bharti Airtel board in April 2021.
Following the completion of the aforementioned amalgamations, the board also approved the demerger of the company's telecom operation and vesting the same with a new wholly-owned entity, Airtel Ltd.
However, it decided not to change the corporate structure as originally intended in January 2022 since the government's reform package made the current structure the most appropriate for the potential growth it (the package) promised.
In order to offer clients convergent digital services, it had previously stated that it would keep moving forward with its plan to acquire Nettle and Telesonic and would combine the direct-to-home (DTH) business run by Bharti Telemedia with its telecom subsidiary Airtel Limited.
