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Bharti Infratel Shares Gain On Reports Of Progress In Indus Towers Merger Deal
Shares of Bharti Infratel on Monday rose 2.4 percent to an intraday high of Rs 208.90 on NSE after an Economic Times report citing sources said that the proposed merger of Bharti Infratel and Indus Towers is likely to be completed after all sides agreed to change the contours of the deal.
According to the report, principal shareholders, Bharti Group and Vodafone have changed the original plan and opted for a share-swap arrangement wherein Bharti Infratel would acquire Vodafone Idea's entire 11.15 percent stake in Indus Towers for about Rs 4,500 crore in cash. Vodafone Idea and Providence Equity Partners, an investor in Indus Towers, will be issued fresh shares in the merged entity, it said.
The report further said that to seek final approval of the merger which was first announced over 2 years ago, the shareholders will approach the National Company Law Tribunal (NCLT) in Chandigarh.
