Bharti Airtel Ltd to merge Bharti Aquanet Ltd with itself

The Board of Directors of Bharti Airtel Ltd at its meeting held on April 26, 2007, inter alia, has approved the following:

1. Acquisition of 12,25,000 equity shares of Rs 10 each of Bharti Aquanet Ltd ("Aquanet") comprising 49% of the equity from Singtel i2i Ltd for Rs 15.45 crores, subject to obtaining requisite approvals. Post acquisition, Aquanet will become a wholly owned subsidiary of and will be merged with the Company.

2. In order to comply with the guidelines on foreign direct investment in direct to home ("DTH") broadcasting sector, the Company's equity stake in Bharti Telemedia Ltd ("Telemedia") is being restricted to 40% and the balance 60% will be held by a Bharti group company. Telemedia was incorporated as a wholly owned subsidiary of the Company to undertake DTH business.

3. The next annual general meeting of the Company will be held on July 02, 2007.

Source : Equity Bulls

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