Bharti Airtel Completes Merger Of Tikona With Itself
Telecom firm Bharti Airtel Ltd. on Wednesday said it has completed the merger of Bharti Digital Networks Pvt. Ltd, formerly known as Tikona Digital Networks Pvt. Ltd, with itself.
Airtel had in March 2017 announced its acquisition of the 4G business of Tikona, including broadband spectrum and 350 sites across five circles, for about Rs 1,600 crore.
"”The amalgamation of Bharti Digital Networks Private Limited with Bharti Airtel Limited has been completed today (Wednesday) upon the filing of certified true copy of the order of the Hon’ble National Company Law Tribunal, New Delhi with the Registrar of Companies,” Airtel said in a regulatory note.
Tikona had 20 MHz spectrum in the 2,300-MHz band, which has the second largest ecosystem of 4G devices, in Gujarat, eastern Uttar Pradesh, western Uttar Pradesh, Rajasthan and Himachal Pradesh circles.
On Wednesday, Bharti Airtel shares fell 2.01 percent to Rs 338.70 apiece on the BSE while the benchmark Sensex shed 0.62 percent to end the day at 39,502.05 points.