The board of Bharti Airtel approved the takeover of the consumer mobile business of Tata Teleservices.
The deal would entail demerger of TTSL’s consumer wireless business to Airtel, except the Rajasthan circle, which is being merged with Bharti Hexacom.
Airtel will issue and allot 500 unlisted redeemable preference shares of face value ₹100 each to TTSL’s equity holders, proportionate to their holding.
Equity holders of TTML will get Airtel shares in the proportion of one share each for every 2014 shares held by TTML shareholders.
