Telecom equipments manufacturer GTL Infrastructure today said its shareholders have approved the amalgamation of Chennai Network Infrastructure Ltd with itself.
"GTL Infrastructure has informed that the equity shareholders of the company approved the scheme of arrangement between Chennai Network Infrastructure Limited (CNIL)and GTL Infrastructure and their respective shareholders," the telecom equipment manufacturer said in a filing to the Bombay Stock Exchnage.
The Scheme envisages an exchange ratio of 1 equity share of GTL Infra for every four equity shares of CNIL.
CNIL was formed as a special purpose vehicle to acquire Aircel's tower assets.