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Vodafone Idea gains on completion of Indus Tower-Bharti lnfratel merger

·2-min read

The company further said that in accordance with the terms of the agreement and out of the consideration received from Infratel, the Company has made a prepayment of Rs. 24 billion which will be adjusted in line with terms of the agreement.

Separately, Bharti Infratel said, "The board has allotted 757,821,804 equity shares to the Vodafone group and 87,506,900 equity shares to PS Asia Holding Investments (Mauritius) (Providence) (together 'eligible shareholders' of Indus as on the record date) aggregating to 28.12% and 3 .25% respectively in the post-issue share capital of the company.”

Concurrently, Bharti Airtel announced that the merger of Indus Towers and Bharti lnfratel (together the combined entity) has been completed. "The combined entity, to be renamed as Indus Towers, is listed on the National Stock Exchange of India and BSE,” it said in a regulatory filing.

The telecom major further said that upon implementation of the scheme, the aggregate shareholding of the company (alongwith Nettle Infrastructure Investments, a wholly-owned subsidiary) in the combined entity shall be changed from 53.51% to 36.73%.

Consequently, the Vodafone group will hold 28.12% stake while the Airtel Group will hold 36.73% stake in the combined entity.

On 31 August 2020, the board of Bharti Infratel had decided to proceed with the scheme of arrangements for a merger with Indus Towers.

Vodafone Idea had decided to cash out by selling its 11.15% stake in Indus Towers.

The deal was first announced in April 2018 to create the world's largest mobile tower operator outside China. The Department of Telecommunications (DoT) had cleared Bharti Infratel's merger deal with Indus in February this year. The new merged entity would become the world's largest telecom tower company with more than 1.63 lakh towers.

Shares of Bharti Infratel rose 2.07% to Rs 189.45 while those of Bharti Airtel gained 0.29% to currently trade at Rs 469.95 on the BSE.



Source: Capitalmarket.com