Bharti Infratel, Indus Towers merger complete; Vodafone Idea sells Indus stake for ₹3,760 cr1 min read . Updated: 19 Nov 2020, 10:56 PM IST
- Vodafone Group will hold 28.12% stake in the merged entity, while the holding of Airtel Group will be about 36.7%
- 'Upon implementation, the aggregate shareholding of the company in the combined entity shall be changed from 53.51% to 36.73%,' Bharti Airtel said
New Delhi: The merger of Bharti Infratel and Indus Towers to create a mega tower company has been completed, and Vodafone Idea has received ₹3,760.1 crore cash for its 11.15 per cent holding in Indus, a regulatory filing said on Thursday.
Vodafone Group will hold 28.12 per cent stake in the merged entity, while the holding of Airtel Group will be about 36.7 per cent.
"...the Board has allotted 757,821,804 equity shares of ₹10 each to the Vodafone group and 87,506,900 equity shares of ₹10 each to PS Asia Holding Investments (Mauritius) Limited (Providence) aggregating to 28.12 per cent and 3.25 per cent respectively in the post-issue share capital of the company," Bharti Infratel said in the filing.
It further said the merger of Indus and Infratel "has been completed", and added that Vodafone Idea has received cash consideration of ₹3,760.1 crore for its 11.15 per cent shareholding in Indus.
"Merger of Indus Towers Limited & Bharti Infratel Limited has been completed today. The combined entity, to be renamed as Indus Towers Limited, is listed on the National Stock Exchange of India Limited & BSE Limited," said Bharti Airtel.
"Upon implementation of the Scheme, the aggregate shareholding of the Company (along with Nettle Infrastructure Investments Limited, a wholly-owned subsidiary) in the combined entity shall be changed from 53.51% to 36.73%," the company said in a regulatory filing.
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