Tata Teleservices (Maharashtra) announced that to fulfilment of the conditions of the Scheme of arrangement between the company and Bharti Airtel, the Scheme has become effective today i.e. 01 July 2019.
Further, TTML and Airtel have agreed that 12 July 2019 shall be the 'Record Date' for the purpose of reckoning the equity shareholders and holders of redeemable preference shares of TTML, who will be entitled to receive consideration pursuant to the Scheme in the following ratio :
a) 1 (one) equity share of Airtel for every 2,014 (two thousand fourteen) equity shares each held in TTML on the Record Date; and
b) 10 (Ten) fully paid-up redeemable, non-participating, non-cumulative preference shares of face value INR 100 (Rupees hundred only) of Airtel to all (and not each) shareholders holding fully paid-up, redeemable preference shares of TTML in proportion to their holding of redeemable preference shares of TTML on the Record Date.