Deal approved- Airtel to takeover Tata Teleservices

Bharti Airtel has approved an arrangement for takeover of consumer mobile business of Tata Teleservices, in a deal involving issue of equity and preference shares on Wednesday.

In October, the takeover of Tata Group's consumer mobile business by Airtel on a 'no-debt, no-cash basis' was announced by the two firms.

"...the board of director in its meeting held on December 19, 2017 has approved...composite scheme of arrangement between Tata Teleservices, Bharti Airtel and Bharti Hexacom and their respective shareholders and creditors...," Airtel said in a regulatory filing.

The board also approved another scheme of arrangement between the listed entity Tata Teleservices Maharashtra (TTML) and Airtel and their respective shareholders and creditors, the filing added.