Airtel completes Tata merger

Indian telecoms group Bharti Airtel has completed the merger of the consumer mobile businesses of Tata Teleservices Limited (TTSL) and Tata Teleservices (Maharashtra) Limited (TTML) into its Bharti Hexacom division, the company confirmed in a regulatory filing. The merger took effect on 1 July, consolidating all of the customers, assets and spectrum of the two Tata units’ consumer mobile operations into Airtel. In a separate filing, the group also noted that it would issue to holders of redeemable and preference shares of TTML: one equity share of Airtel for every 2,014 equity TTML shares held; and ten fully paid-up redeemable, non-participating, non-cumulative preference shares of face value INR100 (USD1.45) of Airtel to all shareholders holding fully paid-up, redeemable preference shares of TTML in proportion to their holding of redeemable preference shares of TTML.