British telecom major Vodafone Group on Monday said that its lenders have given their consent for the merger of Indus Towers and Bharti Infratel.
The telco holds 11.15 per cent stake in Indus Towers, which is estimated to be valued at around Rs 4,000 crore.
On September 1, Vodafone Group had announced that it had agreed to proceed with the proposed merger.
“The agreement to proceed was conditional on consent for a security package for the benefit of the Combined Company (the “Security Package”) from Vodafone’s existing lenders (for the Euro 1.3 billion loan utilised to fund Vodafone’s contribution to the Vodafone Idea Ltd rights issue in 2019). This consent has now been received,” the company said in a statement on Monday.
“The parties will now approach the National Company Law Tribunal to make the merger scheme effective. The parties are working to complete the transaction expeditiously,” it added.