Airtel okays 36.4 mn shares to LMIL
BHARTI Airtel on Monday said its special panel of directors has approved allotment of 36.4 million equity shares on a preferential basis to Warburg Pincus affiliate at Rs 600 issue price, as partial consideration towards Bharti Telemedia deal.
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New Delhi: BHARTI Airtel on Monday said its special panel of directors has approved allotment of 36.4 million equity shares on a preferential basis to Warburg Pincus affiliate at Rs 600 issue price, as partial consideration towards Bharti Telemedia deal.
As per the contours of the recently announced deal, Bharti Airtel will acquire a 20 per cent stake in its DTH arm Bharti Telemedia from Warburg Pincus affiliate Lion Meadow Investment Ltd (LMIL) for about Rs 3,126 crore. "The 'Special Committee of Directors for Fund Raising' of the company has, at its meeting held today, March 22, 2021, approved the allotment of 3,64,69,913 equity shares of the face value of Rs 5 each fully paid up, on a preferential basis to Lion Meadow, an affiliate of Warburg Pincus at an issue price of Rs 600 per equity share (including a premium of Rs 595 per equity share)," Airtel said in a regulatory filing.
This is towards "partial consideration other than in cash against the acquisition of 10,20,40,000 equity shares, constituting 20 per cent of the equity share capital of Bharti Telemedia, by the company from Lion Meadow", it informed. As a result, Lion Meadow will hold about 0.664 per cent of the post-issue equity share capital of the company. The paid-up equity share capital of the company stands increased to Rs 2,746 crore entailing '5,49,20,27,268 equity shares of Rs 5 each'.
