Bharti Airtel board approves subsidiary merger

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Bharti_AirtelBoardNew Delhi, October 24 Bharti Airtel Thursday said it’s obtained board approval for merger of its wholly-owned subsidiary Airtel Broadband Services with itself, the corporate said in a statement to the Bombey stock exchange (BSE).

Directors of the board corporate has approved the scheme of consolidation of Airtel Broadband Services personal restricted (formerly referred to as Wireless Business Services personal Limited) a wholly-owned subsidiary with the corporate,” it said.

Bharti Airtel acquired 100% equity shares of Wireless Business Services personal restricted (WBSPL) October 18, creating it a wholly-owned subsidiary.

The company had picked up 49 % stake in WBSPL in might 2012 for $165 million.
July this year, it increased its stake to 51 %.

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