Tata Teleservices (Maharashtra) Ltd said in an exchange filing on Thursday after market hours that the department of telecommunications has approved the merger of the consumer mobile operations of Tata group with Bharti Airtel.
“The Department of Telecommunications (DoT) has given the approval of the Competent Authority in DoT for taking on record demerger of Consumer Mobile Business Undertaking of the Company into Bharti Airtel Limited (BAL) in terms of the Composite Scheme of Arrangement between the Company and BAL which was approved by the respective Shareholders and Creditors and by the Hon'ble National Company Law Tribunal benches at Delhi and Mumbai vide their orders dated January 30, 2019, and December 4, 2018, respectively,” the company said in the BSE filing.
The DoT approval is without prejudice to the rights and contentions of the DoT till the Telecom Petition No. 22 of 2019 filed by BAL which is pending before Hon'ble TDSAT (and appeal, if any, against the Judgement(s) of the Hon'ble TDSAT) is disposed of, the company added.
Stock view:
Tata Teleservices (Maharashtra) Ltd is currently trading at Rs2.98, up by Rs0.39 or 15.06% from its previous closing of Rs2.59 on the BSE. The scrip opened at Rs2.78 and has touched a high and low of Rs3.06 and Rs2.57 respectively.
Bharti Airtel Ltd is currently trading at Rs541.85, down by Rs4.9 or 0.9% from its previous closing of Rs546.75 on the BSE. The scrip opened at Rs548.20 and has touched a high and low of Rs548.60 and Rs541.10 respectively.
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