BHARTI AIRTEL LTD. - Clarifies on News Item
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| 05 Nov 2014 | |
| With reference to the news item appearing in the media titled "Bharti Airtel Calls off Rs 700 cr Deal with Loop", Bharti Airtel Ltd has Clarified to BSE as under:<br/><br/>"Under the agreements executed with Loop Mobile (Loop), the transaction was conditional upon DoT approvals which even as of today has not been received. In this regard we have been in discussions with Loop.<br/><br/>Loop had late last evening sent us an email noting that DoT approvals had not yet been received and had also noted that it was way beyond the time envisaged for securing such approval.<br/><br/>In light of this update and the fact that Loops mobile license is to expire at the end of this month, we have decided to terminate the discussions with regard to the transaction for acquiring subscribers of Loop. A formal communication to this effect has been released to Loop at 05:19 PM today.<br/><br/>We further confirm that other than the agreements that were mentioned in the press release of February 18, 2014, no further agreements have been entered into between the parties, though there would be some correspondence as is normal in such transactions.<br/><br/>We also confirm that we have fully complied with our disclosure obligations under clause 36 and that we are not aware of any information which could explain the movement in trading of shares as mentioned in the aforesaid email." | |
| View all announcements for BHARTI AIRTEL LTD. | Source: BSE India |
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