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Bharti Infratel shares jump over 13% on completion of merger with Indus Towers

Updated : November 20, 2020 02:04 PM IST

The share price of Bharti Infratel surged over 13 percent on Friday after it completed its merger with Indus Towers.

Vodafone Idea also jumped over 4 percent after the telecom company received Rs 3,760.1 crore cash consideration for its 11.15 percent holding in Indus.

The share price of Bharti Infratel surged over 13 percent on Friday after it completed its merger with Indus Towers. It rose as much as 13.6 percent to its day's high of Rs 210.85 per share on the BSE.

"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," Bharti Airtel said in a filing.

After the merger, Bharti Airtel's stake in the firm will be over 36.7 percent from 53.5 percent earlier whereas Vodafone will hold a 28 percent stake after selling its 11 percent stake.

Vodafone Idea also jumped over 4 percent after the telecom company received Rs 3,760.1 crore cash consideration for its 11.15 percent holding in Indus.

Bharti Infratel also informed bourses, "The Board has allotted 757.8 million equity shares of Rs 10 each to the Vodafone group and 87.51 equity shares of Rs 10 each to PS Asia Holding Investments (Mauritius) Limited (Providence) aggregating to 28.12 percent and 3.25 percent, respectively in the post-issue share capital of the company."

"In accordance with the terms of the agreement and out of the consideration received from Bharti Infratel, the company has made a prepayment of Rs 2400 crore which will be adjusted in line with terms of the agreement," Vodafone Idea said.

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