Shareholder Groups (Bharti and Vodafone Group Plc.) of combined entity resulting from the merger* of Indus Towers Limited with Bharti Infratel Limited today announced that the merger process is at an advanced stage of completion.
In line with the earlier announcement dated April 25, 2018, the Shareholder Groups announced that post-merger, subject to requisite approvals:
- Mr.Bimal Dayal (currently CEO, Indus Towers) is proposed to be appointed as the Chief Executive Officer of the merged entity. He will be responsible for the combined business and will take forward integration of the two companies in preparation of the merger.
- Mr. Hemant Ruia (currently CFO, Indus Towers) is proposed to be appointed as the Chief Financial Officer of the merged entity.
The existing leadership teams of both Indus Towers and Bharti Infratel will continue to manage their respective businesses till the merger becomes effective.
The merger of Bharti Infratel and Indus Towers will create a pan-India tower company, with over 163,000 towers, operating across all 22 telecom service areas in India.
The combination of the two companies' highly complementary footprints will create a tower operator with the ability to offer the high quality shared passive infrastructure services needed to support the pan-India expansion of wireless broadband services using 4G/4G+/5G technologies for the benefit of Indian consumers and businesses. The combined company will continue to offer high quality passive infrastructure services to all telecom operators on a non-discriminatory basis, thus helping to support the delivery of the Government of India's vision of 'Digital India'.
The Shareholder Groups look forward to early completion of the merger and move towards successful integration.
Shares of BHARTI AIRTEL LTD. was last trading in BSE at Rs.336.85 as compared to the previous close of Rs. 330.8. The total number of shares traded during the day was 220629 in over 2760 trades.
The stock hit an intraday high of Rs. 337.65 and intraday low of 328.8. The net turnover during the day was Rs. 73727076.