New Delhi, (Asian independent) The Board of Directors of telecom major Bharti Airtel will meet on Wednesday, February 17, to discuss the future strategic plans and reorganisation of shareholding framework of its subsidiary companies.
In a regulatory filing on Friday, the company said that the discussion may result in consolidation or acquisition of shares of the subsidiary companies.
“A meeting of Board of Directors of the Company is scheduled to be held on Wednesday, February 17, 2021 to discuss the future strategic plans and reorganisation of shareholding framework of subsidiary company(ies) which may result in consolidation/ acquisition of shares of subsidiary company(ies), the consideration of which may be discharged through issuance of equity shares of the Company on a preferential basis and/ or cash,” it said.
Earlier this month, the telecom major reported a consolidated net profit of Rs 853.6 crore for the quarter-ended December.
The telco posted its highest ever consolidated quarterly revenue from operations at Rs 26,517.8 crore for the third quarter of FY21, 24.2 per cent higher than the 21,343.6 crore reported in the year ago period.
The company had a net exceptional gain of Rs 4,559.9 crore during the quarter ended December 31, 2020, comprising of charge on account of re-assessment of contractual, regulatory levies and taxes of Rs 3,159.6 crore.
Shares of the company on Friday ended at the BSE at Rs 586.55 per share, lower by Rs 11.85 or 1.98 per cent from its previous close.