Airtel to seek nod to issue 3.64 cr shares to LMIL for Bharti Telemedia deal

As per the contours of the recently-announced deal, Bharti Airtel will acquire 20 per cent stake in Bharti Telemedia from Warburg Pincus affiliate, LMIL, for about Rs 3,126 cr

New Delhi: Bharti Airtel will seek shareholders’ nod on March 19 for issuance of about 3.64 crore equity shares of the company to Lion Meadow Investment Ltd (LMIL) on preferential basis, to execute its deal for buying additional 20 per cent stake in its DTH arm Bharti Telemedia, according to a regulatory filing.

As per the contours of the recently-announced deal, Bharti Airtel will acquire 20 per cent stake in Bharti Telemedia from Warburg Pincus affiliate, LMIL, for about Rs 3,126 crore.

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The transaction will be discharged primarily via issuance of about 3.64 crore equity shares of Airtel at a price of Rs 600 per share and up to Rs 1,037.8 crore in cash, Bharti Airtel had stated earlier.