BackBharti Infratel extends deadline for Indus Towers merger by over two months
The company decided to extend the date to till 31 August, 2020Bharti Infratel holds 42% stake in the mobile tower firm Indus Towers
PremiumBharti Infratel on Wednesday said it has extended the deadline for merger with Indus Towers by over two months till Auguste-end, the company said in a regulatory filing.
In a meeting held by the company's Board of Directors to discuss the status of the merger, it was noted that since the conditions precedent to be fulfilled for the merger could not be completed today, 24 June, the company decided to extend the date to till 31 August, 2020.
The extension is "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 in a statement.
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.
Bharti Infratel holds 42% stake in the mobile tower firm Indus Towers, which is a three-way joint venture with British telecom giant Vodafone and Vodafone Idea having 42% and 11.15% stake, respectively.
On Wednesday, at the closing bell, the BSE S&P Sensex was down by 97 points or 0.29 per cent at 33,508 while the Nifty 50 edged lower by 33 points or 0.33 per cent at 9,881. Among stocks, Bharti Infratel plunged by 4.5% to ₹206.30 per share.
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