Telecom major Bharti Airtel on Thursday said its board approved the merger of wholly owned subsidiary Airtel Broadband Services with itself.
The amalgamation will be subject to approvals, including clearances from high courts, if any, the company said in a filing to the Bombay Stock Exchange.
". . .the Board of Directors of the company has approved the scheme of amalgamation of Airtel Broadband Services Private Limited (formerly known as Wireless Business Services Private Limited), a wholly owned subsidiary, with the company," it said.
Bharti Airtel recently acquired a 100 per
cent stake in Wireless Business Services, a company founded by US chipmaker Qualcomm. Subsequent to the acquisition, the company was renamed Airtel Broadband Services.
Airtel had bought a 49 per cent stake in WBSPL in May 2012 for $165 million.
The company increased its stake in WBSPL to 51 per cent in July.
WBSPL has spectrum that can be used for high-speed 4G services in New Delhi, Mumbai, Haryana and Kerala. Airtel has similar spectrum in Punjab, Maharashtra, Kolkata and Karnataka.
Airtel has already launched 4G services in Bengaluru, Pune, Kolkata, Chandigarh, Mohali and Panchkula.
Airtel shares traded at Rs 352.35, up 1.25 per cent, in the afternoon session on the BSE.
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Telecom major Bharti Airtel on Thursday said its board approved the merger of wholly owned subsidiary Airtel Broadband Services with itself.