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 September 1, Vodafone Group had announced that it had agreed to proceed with the proposed merger.
The Finance Ministry, in a statement, said that the government will make a decision on the further course of action, including legal remedies, among other options.
The merger would also require approval from the Department of Telecommunications.
With this contribution, the promoters' stake in the country's largest telecom operator increased marginally to 71.57 per cent from 71.33 per cent.
The clearance from the tribunal was the last leg of official approvals after the Department of Telecommunications (DoT) cleared the merger last month.
