Airtel to give 9.7 lakh equity shares to Tata Teleservices stakeholders

But the Department of Telecom is yet to take this merger on record and is likely to challenge the deal in the Supreme Court.

Bharti Airtel's committee of directors on Friday approved allotting more than 9.7 lakh equity shares and 497 redeemable preference shares to shareholders of Tata Teleservices as part the merger between the two companies.

"970,668 equity shares (in aggregate including fractional entitlements) fully paid up of face value of Rs 5 per share of the company to the eligible equity shareholders of TTML in the ratio of 1 equity share of the company for every 2,014 equity shares held in TTML by eligible equity shareholders of TTML," Airtel said in a BSE filing.

The allocation will include 79,529 Bharti Airtel Limited (BAL) equity