Vodafone Group Plc agrees to proceed with merger of Indus Towers Ltd and Bharti Infratel Ltd

Vodafone Group Plc ("Vodafone") announced on 1 September 2020 that it had agreed to proceed with the merger of Indus Towers Limited ("Indus Towers") and Bharti Infratel Limited ("Bharti Infratel", together the "Combined Company").

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 €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 parties will now approach the National Company Law Tribunal to make the merger scheme effective. The parties are working to complete the transaction expeditiously.

Shares of BHARTI INFRATEL LTD. was last trading in BSE at Rs.178.7 as compared to the previous close of Rs. 178.65. The total number of shares traded during the day was 190085 in over 2732 trades.

The stock hit an intraday high of Rs. 182.8 and intraday low of 176.8. The net turnover during the day was Rs. 34048569.

Source : Equity Bulls

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