NCLT has given approval to the scheme of amalgamation between Telenor and Airtel.

The company in a release said, “National Company Law Tribunal (NCLT) has sanctioned the scheme of amalgamation between Telenor (India) Communications and Bharti Airtel and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013.”

In its meeting held today, the board has given approval to the issuance of non-convertible debentures (NCDs) of upto Rs.10,000 crore on a private placement basis in such tranches/series and at such rates as may be approved from time to time on cumulative basis along with all NCDs issued by the company.

It has also given approval to issuance of foreign currency bonds upto a limit of USD 1 billion or equivalent in one or more tranches. It is subject to the approval of the shareholders and other requisite approvals.

Furthermore, a meeting of committee of directors is scheduled on March 13, to consider and subject to market and other conditions, issue listed, unsecured, rated, redeemable, NCDs Series I and II on a private placement basis totaling upto Rs.3,000 crore.

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