Airtel’s board to meet on February 17 to discuss rejig of subsidiaries’ shareholding

Airtel’s board to meet on February 17 to discuss rejig of subsidiaries' shareholding

New Delhi: ’s Board will meet on February 17, to discuss strategic plans and reorganisation of shareholding framework of its units, which may result on consolidation and acquisition of shares.

“We wish to inform you that a meeting of Board of Directors of the Company is scheduled to be held on Wednesday, February 17, 2021 to discuss the future strategic plans and the reorganisation of shareholding framework of subsidiary company (ies), which may result in consolidation/acquisition of shares of subsidiary company (ies) that concentrate of which may be discharged through issuance of equity shares of the Company (ies) on a preference basis and/cash preferential basis”, said the company in a statement on BSE on Friday .

The telco recently reported a consolidated net profit for the fiscal third quarter after six straight quarters of losses, on the back of a continued revival of its India business, including mobile services, enterprise and direct to home businesses.

This comes on the back of the telco planning to raise Rs 7,500 crore through debt instruments such as debentures and bonds in one or more tranches.

Airtel is also in the fray for buying spectrum in the upcoming auctions which will start in March 1.

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