JOIN USTelecom major Bharti Airtel on Thursday said it has acquired the balance 26 per cent stake in Augere Wireless, which holds 4G spectrum in Madhya Pradesh, making it a wholly-owned subsidiary of the company.
“With reference to the earlier intimation dated December 29, 2015, Bharti Airtel has now informed BSE that Airtel has acquired remaining balance paid-up share capital i.e. 26 per cent of Augere and with the said acquisition, Augere has become a wholly-owned subsidiary of Airtel,” the company said in a regulatory filing.
About a couple of days back, Airtel had announced acquiring 74 per cent stake in Augere Wireless but did not disclose financial details of the deal.
“With reference to the intimation regarding approval of scheme of amalgamation of Augere Wireless Broadband India Private (Augere) with Bharti Airtel (Airtel or the Company) dated October 27, 2015, Bharti Airtel has now informed BSE that Airtel has acquired 74 per cent capital of Augere,” it had said.
Augere holds 20 Mhz of spectrum in 2300 Mhz band in Madhya Pradesh service area, which includes Chhattisgarh state, to be used for 4G services. The company had won this spectrum for Rs 124.66 crore in 2010, but has not rolled out services.