Bharti Infratel to merge with Indus Towers; Voda Idea to get Rs 4,000 crore
Bharti Infratel on Tuesday said its board has decided to proceed with the scheme for merger with Indus Towers, and that the cash consideration chosen by Vodafone Idea for its 11.15-per cent stake in Indus Towers is expected to be about Rs 4,000 crore.
The company said its board took note of the status of scheme of arrangement between Indus Towers and Bharti Infratel and the related agreements.
“After deliberations, the board has decided to authorise the chairman to proceed with the scheme and to comply with other procedural requirements for completion of the merger, including approaching the National Company Law Tribunal to make the scheme effective subject to certain procedural condition precedents,” it said.
Bharti Airtel will hold 36.7 per cent stake in the merged entity, Vodafone UK (28.2 per cent), Providence Equity Partners (3.2 per cent) with public holding (31.6 per cent), according to a source.
