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Bharti Telecom ready to delist from the bourses

The promoters of Bharti Telecom have acquired about 95 per cent of the company shares through a number of public offers, thereby invoking regulation 21(3) of the Securities and Exchange Board of India.

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The 1997 regulation pertains to substantial acquisition of shares and takeovers and makes Bharti eligible for delisting on the stock exchanges.

The company had in May formally approached Delhi and Bombay stock exchanges for delisting. On August 31, SEBI sent directions to both Delhi and Bombay stock exchanges to accede to the request of Bharti Telecom Limited for delisting the shares.

The directions were subject to the undertaking that an opportunity be given to the remaining shareholders of Bharti Telecom to sell their shares to the acquirers within one year from the date of delisting and that Bharti Telecom will redress the grievances of the investors' compliance, if any, for six months from the date of delisting.

Bharti Telecom, in compliance to the SEBI's directions, has now submitted the undertakings, both to Delhi and Bombay stock exchanges.

With this, the delisting of Bharti Telecom shares is now imminent in view of the SEBI directions.

In line with the SEBI directions, the acquirers have committed to provide exit option to the remaining shareholders for one year from the date of delisting at the open offer price of Rs 96, a company statement said.

UNI

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