According to a regulatory filing, Bharti Airtel will seek shareholders’ approval for issuance of about 36.4 million equity shares of the company to Lion Meadow Investment Limited (LMIL) on preferential basis, to execute its deal for buying additional 20 per cent stake in its direct-to-home (DTH) arm Bharti Telemedia. As per the recently-announced deal, Bharti Airtel will acquire 20 per cent stake in Bharti Telemedia from Warburg Pincus affiliate, LMIL for about Rs 31.26 billion.
The company has scheduled an extraordinary general meeting on March 19, 2021 to seek approval of the members for the issuance of equity shares of the company on preferential basis through special resolution.
The transaction will be discharged primarily via issuance of about 36.4 million equity shares of Airtel at a price of Rs 600 per share and up to Rs 10.38 billion in cash.
