Vodafone Idea shares rise nearly 4%
Bharti Infratel shares too rallied up nearly 14 per cent on the bourses.
The amalgamation of Bharti Infratel and Indus Towers to create a mega tower company has been completed, and Vodafone Idea has received Rs 3,760.1 crore cash for its 11.15 per cent holding in Indus, the company said.
“… Vodafone Idea Limited (VIL) had elected to receive cash pursuant to the right available to certain shareholders as per clause 1.2 of Part C of the Scheme. Pursuant to the same, VIL has received cash consideration of Rs. 37,601 nm. for its 11.15% shareholding in Indus. The said transaction had been executed and completed on November 19, 2020 (“VIL closing”),” Bharti Infratel said in a regulatory filing.
During the intra-day trade, the shares of Bharti Infratel were trading at Rs 211.60, up by 26.00 or 14.01 per cent on the BSE. Similarly on the NSE, it was at up Rs 25.50 or 13.72 per cent at Rs 211.40.
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Post the completion of the transaction, Vodafone Idea Ltd (VIL) has received cash consideration of Rs 3,760.1 crore for its 11.15 per cent shareholding in Indus Towers.
Vodafone Group will hold 28.12 per cent stake in the merged entity, while the holding of Airtel Group will be about 36.7 per cent.
“…the Board has allotted 757,821,804 equity shares of Rs 10 each to the Vodafone group and 87,506,900 equity shares of Rs 10 each to PS Asia Holding Investments (Mauritius) Limited (Providence) aggregating to 28.12 per cent and 3.25 per cent respectively in the post-issue share capital of the company,” Bharti Infratel said in the filing.
The merger has created a mega telecom infrastructure company.
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