Bharti Airtel has submitted a bank guarantee of Rs644cr in Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to conclude the merger of Tata Teleservices' consumer business with the telecom company, a PTI report stated.
As per media report, on May 2, TDSAT had granted a partial stay on an Rs8,300cr demand raised by the telecom department from Bharti Airtel for approving its merger with the consumer business of Tata Teleservices Ltd (TTSL).
Further, TDSAT directed the concerned authorities of the Union of India to take the merger of two companies and license on record, subject to stay on one-time spectrum charges (OTSC) demand of ~Rs7,000cr.
The tribunal also asked Airtel to submit 50 % payment of Rs1,287.97cr demand raised by the Department of Telecom (DoT) as OTSC for Chennai circle license extension from November 30, 2014, to September 27, 2021.
It had directed Airtel on May 2 to submit around Rs640cr for Chennai license within four weeks.
Bharti Airtel Ltd's share price is currently at Rs346.25, down by Rs3.75 or 1.07%, from its previous close of Rs350 on the BSE.
The scrip opened at Rs349 and has touched a high and low of Rs351.15 and Rs346, respectively. So far, 8,83,125 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,79,584.69cr.
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