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Airtel gets shareholders nod to raise Rs 10K cr

Press Trust of India  |  New Delhi 

Telecom major today said its shareholders have approved a proposal to raise up to Rs 10,000 crore in debt.

The shareholders have also approved "transfer of company's investment in its wholly-owned subsidiary, International (Mauritius) Limited (BAIM)" to Network i2i Limited, Mauritius, another wholly-owned subsidiary, the company said in a regulatory filing.

Over 99 per cent of the shareholders approved special resolution of the company to "issue of unsecured/secured redeemable non-convertible debentures/bonds by way of private placements", the filing said.

The board of on January 24 had approved the proposal to raise debt up to Rs 10,000 crore.

The board of had approved rejig of its overseas arms on February 8 that will now operate under its wholly-owned Mauritius-based subsidiary Network i2i Ltd.

BAIM is investment holding firm of

Under the approved structure, Airtel's wholly-owned subsidiaries International (Mauritius) Ltd (BAIM), International (Netherlands) B.V. (BAIN), Netherlands and Bharti International (Singapore) Pte Ltd (BISPL), Singapore will be held entirely by Network i2i Ltd (Ni2i), Mauritius, a wholly-owned subsidiary of the company.

BAIN, which manages Africa operations of Airtel, will continue to hold the shareholding in African operating companies, the filing said.

Airtel's investments in its wholly-owned subsidiaries (USA) Ltd, (Hong Kong) Ltd and (UK) Ltd will be held entirely by BISPL.

The company said the transaction is subject to regulatory approvals but expects to complete it on or before March 31, 2017.

Shares of closed at Rs 360.25 a unit, down by 0.8 per cent compared to previous close at BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 16 2017. 20:29 IST