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Airtel to Buy Back 20% Stake in DTH arm from Warburg Pincus

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Bharti Airtel has approved the acquisition of 20% of Bharti Telemedia Limited from the Warburg Pincus entity for about Rs 3,126 crore.

 

The securities to be issued by the company to Warburg Pincus entity called Lion Meadow on a preferential basis shall be at the price of Rs 600/-per share. It will be at a premium of 0.50% on the floor price calculated in compliance with the ICDR Regulations.

Airtel to Buy Back 20% Stake in DTH arm from Warburg Pincus
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Board also approved the issuance, on a preferential basis, of up to 36,469,913 share capital of the company to Lion Meadow in order to give significant consideration to the above-mentioned acquisition of Telemedia's share capital.

The outstanding consideration of Rs 9.378 million shall be paid in cash on the closing day, resulting in a gross balance of Rs31.260 million.

The sale consideration shall be entitled to the deduction of withholding taxes, if any, as provided for under the relevant Income Tax Laws.

The purchase of stock in Telemedia is based on the valuation report received by the Corporation in compliance with the relevant regulations. On completion of the transactions alluded to above, Telemedia shall become a wholly-owned subsidiary of the Company.

 

The Board also approved the Special Board of Directors to take action on all relevant issues to the transactions listed above.

GoodReturns.in

Read more about: airtel dth
Story first published: Thursday, February 18, 2021, 8:51 [IST]
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