India's largest telecom operator Bharti Airtel today said a meeting of its shareholders and unsecured creditors will be held on July 30 to approve a proposed 'scheme' between Bharti Airtel and Telesonic Networks, which relates to transfer of optical fibre business.
In November last year, Bharti Airtel had said that its board has approved the transfer of the optical fibre business to its wholly-owned subsidiary Telesonic Networks for a valuation of up to Rs 5,650 crore. The optical fibre business of Bharti Airtel includes both underground and overground fibres.
"...a meeting of the equity shareholders and unsecured creditors of Bharti Airtel Limited will be held...on...30th day of July, 2018...for the purpose of considering...and...approving with or without modification, the proposed scheme of arrangement between Bharti Airtel and Telesonic Networks and their respective shareholders and creditors," Airtel said in a regulatory filing today.
This follows recent orders of National Company Law Tribunal (NCLT), it added.
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