Telecom giant Bharti Airtel yesterday redeemed its securities as per the terms and conditions of the composite scheme of arrangement between Tata Teleservices Limited, Bharti Airtel Limited (‘TTSL Scheme’) and Bharti Hexacom Limited and Scheme of arrangement between Tata Teleservices (Maharashtra) Limited and Bharti Airtel Limited (‘TTML Scheme’).
Bharti Airtel in a regulatory filing with BSE notified that it had redeemed 497, 10 percent unlisted, fully paid-up, redeemable, non-participating, non-cumulative preference shares of face value of Rs 100 each. The shares were mandatorily redeemable at par at the end of 18 months from the date of issuance.
The composite scheme of TTSL and TTML was intimated to the stock exchange on July 26, 2019. January 26, 2021 marks 18 months from the date of issuance prior to which Bharti Airtel has redeemed the shares.
The merger of the consumer mobile business of Tata Teleservices Limited (TTSL) and Tata Teleservices (Maharashtra) Limited (TTML) into Bharti Airtel Limited and Bharti Hexacom Limited (Airtel) became effective on 1st July 2019 post the Hon’ble TDSAT order directing DoT to take the merger on record and approval of the schemes of arrangement by Hon’ble NCLT, Delhi and Hon’ble NCLT, Mumbai.
Post the merger, all customers, assets, spectrum, and agreed liabilities of the Consumer Mobile Businesses of TTSL and TTML stAND merged with Airtel.