CORPORATE GOVERNANCE

Airtel Sets Up Special Panel To Rejig Company’s Structure

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“The board of directors in its meeting held on Wednesday, February 17, 2021, has constituted a ‘special committee of directors’ to consider and evaluate in detail, various options (or combination thereof) for re-organisation of businesses and shareholding structure of the company and its various subsidiaries,” Bharti Airtel said in a stock exchange filing.

Bharti Airtel has constituted a special panel to outline options for a re-organisation of its businesses, setting in motion plans to sharpen focus on its consumer-facing digital and non-telecom businesses and open up avenues for unlocking value.

Separately, Airtel said it will acquire a Warburg Pincus affiliate’s 20 per cent stake in its DTH arm, Bharti Telemedia, for around Rs3,126 crore, which will be paid primarily by issuing around 36.47 million shares of the telco at Rs600 per share, and up to Rs1,037.8 crore in cash. The proposed preferential share issue is subject to shareholders’ approval, the company said in a statement Wednesday.

In a statement issued Wednesday evening, Bharti Airtel said it has set up a special panel of directors, to “consider options for re-organisation of businesses and shareholding structure of the company and its units to achieve required flexibility and sharper focus on digital and non-telecom businesses to enable any unlocking of enhanced value for its stakeholders”.

India’s telecom sector, in the efforts of enabling policies including more quantum of the spectrum, is set to establish new benchmarks in the next-generation network deployments and service delivery.

The special panel, it said, “would place suitable recommendations to the Airtel board for consideration and/ or approval”.

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