With investors seeking clarity from the market tribunal SAT on Bharti Airtel's proposed mega deal with MTN, the Sunil Mittal company on Thursday said it is still in discussion with the South African firm.
"On MTN, I really can't give any update because we are still going through the process," Bharti Airtel CEO Manoj Kohli said on a query if the company would be able to win over the investors as a shareholder had moved the Securities Appellate Tribunal seeking clarity on a Securities and Exchange Board of India order.
This month an appeal was filed by a shareholder with the Securities Appellate Tribunal (SAT) seeking clarity on a SEBI order exempting MTN from making an open offer to shareholders of Bharti.
The minority shareholder argued that MTN has to make an open offer to Bharti shareholders. SEBI, in an order dated June 22, said MTN need not make an open offer to Bharti shareholders in India.
Bharti and MTN are in exclusive talks till August 31, after extending the first deadline of July 31 to create a 23-billion dollar merged entity in a cash and stock transaction.
