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.
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.
On the BSE, Bharti Infratech scrip was at Rs 189.95, down by Rs 8.30 or 4.19 per cent. Earlier in the day, stock gained 4.91 per cent to Rs 208.
The merger scheme shall become effective on the date on which certified copy of the order of NCLT is filed with Registrar of Companies.
The Index Maintenance Sub-Committee (IMSC) of NSE Indices decided to make the changes, based on the semi-annual review of indices.
Bharti Infratel on Monday reported a 21 per cent drop in consolidated net profit to Rs 704 crore for the April-June quarter.
The court is likely to consider the issue of allowing the telcos to pay their AGR dues worth Rs 1.43 lakh crore over 20 years.
A chartered accountant, Jain has over 17 years of experience including 11 years in Bharti Infratel and 3 years in Bharti Airtel.
The merger of the two companies will pave the way for the largest telecom tower company in the world outside China.
The merger would also require approval from the Department of Telecommunications.
Bharti Airtel has approved the merger of Bharti Infratel and Indus Towers to create the largest mobile tower entity worldwide…
