NEW DELHI/November 19-2020: The merger of Bharti Infratel and Indus Towers creating a large tower company has been completed.
The merger though announced a couple of years ago, has been hanging fire for some time now.
According to a regulatory filing today, Vodafone Idea has received Rs3,760.1 crore (Rs37,601 million) cash for its 11.15 per cent holding in Indus.
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.
As per the scheme and order of NCLT dated May 31, 2019, upon the Scheme becoming effective, the name of the Transferee Company — “Bharti Infratel Ltd” — will be changed to “Indus Towers Ltd”, the statement said.
“The Board has allotted 757,821,804 equity shares of Rs10 each to the Vodafone group and 87,506,900 equity shares of Rs10 each to PS Asia Holding Investments (Mauritius) Ltd (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 its filing today.
Vodafone Idea receives Rs3760 cr
It further said the merger of Indus and Infratel has been completed, adding that Vodafone Idea has received cash consideration of Rs3,760.1 crore for its 11.15 per cent shareholding in Indus.
“Merger of Indus Towers Ltd & Bharti Infratel Ltd has been completed today. The combined entity, to be renamed as Indus Towers Ltd, is listed on the National Stock Exchange (NSE) and BSE,” said Bharti Airtel.
“Upon implementation of the Scheme, the aggregate shareholding of the company (along with Nettle Infrastructure Investments Ltd, a wholly-owned subsidiary) in the combined entity shall be changed from 53.51 per cent to 36.73 per cent,” the company said in the filing.
