Telecom major Bharti Airtel said that it is restructuring its shareholding pattern of foreign subsidiaries to simplify the structure and bring in synergies between the companies. Also Read - Jio maintains lead in 4G download speed, Vi in upload in May: TRAIAlso Read - Airtel launches new Rs 456 prepaid plan: Check data, validity, call and other benefits
“The Board of Directors approved the company’s investments in its wholly-owned subsidiaries Bharti Airtel International (Mauritius) Ltd (BAIM), Bharti Airtel International (Netherlands) B V (BAIN), Netherlands and Bharti International (Singapore) Pte Ltd (BISPL), Singapore will be held entirely by Network i2i Ltd (Ni2i), Mauritius, another wholly-owned subsidiary of the company,” Bharti Airtel said in a regulatory filing.
It further said: “BAIN will continue to hold the shareholding in African operating companies and the company’s investments in its wholly-owned subsidiaries Bharti Airtel (USA) Ltd, Bharti Airtel (Hong Kong) Ltd and Bharti Airtel (UK) Ltd will be helped entirely by BISPL, another wholly-owned subsidiary of the company”. ALSO READ: Airtel crosses 2 million home broadband users; offers free additional data, content benefits
Elaborating on the restructuring, it said: “The resultant vertical step-by-step shareholding structure envisaged by the above restructuring aims to offer a number of benefits, including the de-layering and simplification of structure and synergies without any change in ultimate ownership over the said subsidiaries”. Shares of the company were trading 1.04 percent down at Rs 348.50 apiece on BSE.
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