For Quick Alerts
For Daily Alerts

Bharti Infratel-Indus Towers Merger Deadline Extended


On Monday, Bharti Infratel announced that the company's board has decided to extend the deadline to close the deal on its merger with Indus Towers Limited to 24 April 2020. It also said that the final decision on the implementation of the deal, that has already received FDI approval will be subject to the assessment of the impact of AGR crisis on the telecom sector.

Its earlier deadline for the deal was set at 24 February.

Shares of Bharti Infratel were trading 6.5 percent lower in the afternoon session on Monday.

Bharti Infratel-Indus Towers Merger Deadline Extended
Bharti Infratel: Quotes, News
BSE 157.60BSE Quote2.3 (1.46%)
NSE 156.40NSE Quote1.3 (0.83%)

"Since the other actions/conditions precedent to be fulfilled for the Scheme to become effective cannot be completed by the extended Long Stop Date i.e. February 24, 2020, the Board of Directors have further extended the Long Stop Date till April 24, 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," the company said.

"The final decision to implement the scheme will be taken by the Board keeping in mind the best interest of the Company and its stakeholders including the assessment of the current crisis facing the telecom industry and the extent of its impact on the Company's major customers," it added.

Indus Towers is a joint venture between Bharti Infratel (42%), UK-based Vodafone Group Plc (42%), Vodafone Idea (11.15%) and US-based private equity firm Providence (4.85%). Bharti Infratel is a subsidiary of Bharti Airtel.

The merger, which was announced back in April 2018, received DoT's (Department of Telecom) approval last week.

Bharti Infratel's board has previously extended the merger's deadline twice (on 24 October and 24 December 2019) to secure more time.

The merger would create the world's second-largest tower company as the combined entity will own more than 163,000 towers, second only to China Tower.

Read more about: bharti infratel
Story first published: Monday, February 24, 2020, 13:58 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more