Bharti-MTN dual listing linked to full convertibility, says Pranab
September, 24th 2009
Dual listing of Bharti Airtel and MTN of South Africa is linked with the full convertibility of the rupee and this aspect is being looked into before taking such a step, Union Finance Minister Pranab Mukherjee said here on Wednesday.
Replying to a question whether he is in favour of dual listing of MTN and Bharti Airtel or not, Mr. Mukherjee said: Dual listing is linked with the full convertibility (of the rupee). So all these aspects have to be looked into.
Confirming that he had talks with his counterpart in the South African government regarding the tie-up between Bharti Airtel and MTN, he said that though he welcomes such a move but certain legal implications had to be cleared first.
When I met the South African Minister, I said that we welcome you. However, in the context of the law of the land, there are legal implications. Those are to be examined and are being looked into now, Mr. Mukherjee said.
In the proposed tie-up between Bharti Airtel and MTN, Bharti will acquire 49 per cent share in MTN while the latter will hold 25 per cent in the newly created combine if the deal goes through.