Bharti Infratel shares rally 14% post Indus Towers merger
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.
Shares price of Vodafone Idea Ltd (VIL) rose nearly 4 per cent on Friday after the company received Rs 3,760 crore cash on completion of the Bharti Infratel and Indus Towers merger deal.
During the intra-day trade, the company’s scrip was trading up by 3.78 per cent at Rs 9.62 on the BSE.
Similarly, on the NSE, it was at Rs 9.60, higher by 3.78 per cent from the previous close.
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Bharti Infratel shares too rallied up nearly 14 per cent on the bourses.
According to a regulatory filing, the merger of Bharti Infratel and Indus Towers to create a mega tower company has been completed, and Vodafone Idea has received about Rs 3,760 crore cash for its 11.15 per cent holding in Indus.
As promoters of the new company, Vodafone Group will hold 28.12 per cent stake in the merged entity while the holding of Bharti Airtel Group will be about 36.7 per cent.
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