On the BSE, the scrip was trading at Rs 375.40, up 4.5 per cent from its previous close.
Typically, a telecom operator pays for connecting calls of its subscribers to the company on whose network a call terminates.
Tapadia has earlier worked with Trimax, Global Cloud Xchange, Genpact and Reliance Infocomm.
BSNL as well as MTNL had delayed payment of salaries for February until mid-March due to a financial crisis.
The allocation will include 79,529 Bharti Airtel Limited (BAL) equity shares of Bharti Airtel Fractional Share Entitlement Trust.
TRAI its stand saying it is not in a position to modify its previously recommended penalty on the operators.
RJio added 81.80 lakh new subscribers in May and ended the month with 27.80 pc market share and 32.29 crore subscribers.
The merger includes transfer of all the customers and assets of Tata Teleservices CMB to Airtel.
The company is eyeing a June listing for the initial public offer in London.