Provision of dual listing exists: FM

Amid Bharti and MTN merger talks,Govt said it is examining the issue of dual listing.

Amid merger talks between Bharti and MTN,the Government said it is examining the issue of dual listing of the South African firm as per the Indian laws.

“There is a provision for dual listing of companies… But whether this can be done under the existing laws of India that is being examined,” Finance Minister Pranab Mukherjee told reporters.

“The South African minister met me at the G-20 finance ministers meeting and there I suggested to him that this arrangement is to be looked into in the Indian context,” he said.

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Bharti and MTN are in talks since June this year in a share swap deal which will lead to a merger at a later stage creating a USD 23 billion entity with over 200 million subscribers.

When contacted,a Bharti spokesperson said that the company has nothing to add beyond its earlier statements from time to time. Asked if Bharti would approach the Finance Ministry for clarity on dual listing of shares and if there was a possibility of talks being extended beyond September 30,the spokesperson said: “We are still in talks.”

According to sources,the South African telecom regulator has said that there was no surety if the deal would be approved by it before the year end. This,however,could not be confirmed.

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