The Board of Directors of the Company as per the timeline met today and deliberated on the status of the scheme of arrangements between Indus and Bharti Infratel. But the decision has been again postponed to August 31, 2020.
Since the conditions precedent to be fulfilled for the Scheme to become effective cannot be completed by the extended Long Stop Date i.e. June 24, 2020, the Board of Directors have further extended the Long Stop Date till August 31, 2020, subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme, said the corporate announcement of the BSE site.
The final decision on implementation of the scheme shall be taken by the board in the best interest of the company and its stakeholders.
"The merger deal has been an overhang on the company, but, the circumstances have been such that the uncertainty created has forced us to defer it and carry forward the long-stop date," Akhul Gupta, Chairman of Bharti Infratel said in an earlier instance.
Stock of Bharti Infratel closed little changed with a positive bias at Rs. 233.15, up 0.37% on the BSE.