SENSEX
NIFTY 50
Hang Seng
Taiwan Weighted
MCX GOLD DEC 05
MCX SILVER DEC 05
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD DEC 05
MCX SILVER DEC 05
MCX CRUDEOIL NOV 16
MCX NATURALGAS OCT 26
USD/INR
EUR/INR
GBP/INR
JPY/INR

Stock Market Live: Sensex off day's low; Nifty above 14,600; banks, financials drag

Asian stocks slip as global rally skids on inflation fears

Oil prices slip on surprise build in US crude stocks

Rupee tanks 67 paise to 73.10 against US dollar in early trade

Bharti Infratel decides to proceed with Indus Towers merger

Updated : September 01, 2020 08:42 AM IST

Bharti Infratel on Tuesday said that its board, in a meeting held on Monday, decided to proceed with the Scheme of Arrangements for a merger with Indus Towers.

"After deliberations, the Board has decided to authorize the Chairman to proceed with the Scheme and to comply with other procedural requirements for completion of the merger including approaching NCLT to make the Scheme effective subject to certain procedural condition precedents," said Bharti Infratel in a statement.

As per the statement by Bharti Infratel, the likely shareholding structure in the merged company could be:

Vodafone may hold 28.2 percent, Airtel 36.7 percent, and PEP 3.2 percent
Total for Indus share swap: 31.4 percent and Infratel shareholders: 68.6 percent

The shareholding is subject to change, based on the closing adjustments, said the company.

Vodafone Idea has decided to cash out by selling its 11.15 percent stake in Indus. The development comes just hours before the Supreme Court pronounces its much-awaited verdict in the AGR case.

"The above is basis cash consideration chosen by Vodafone Idea Limited (VIL) for its 11.15% shareholding in Indus which will be based on 60 days VWAP as at Closing date (and agreed closing adjustments). Based on today’s calculation the cash consideration comes to approx. INR 4,000 crore," said the company.

VIL and Vodafone Group Plc. have entered into certain security arrangements for payment obligations. This includes a combination of a security deposit by VIL, security via pledge of a certain number of shares of the merged company out of those issued to V Plc. and a corporate guarantee by V Plc. which can get triggered in certain situations and events, as per the statement.

These security arrangements remain subject to all applicable regulatory approvals and any approval of V Plc’s lenders.

The security arrangement will provide the merged company a payment cover of over one year for the operational payments due from VIL.

You May Also Like

KVIC's e-market portal achieves Rs 1.12 crore turnover in 8 months

KVIC's e-market portal achieves Rs 1.12 crore turnover in 8 months

Important update for passengers boarding domestic flights from Mumbai airport

Important update for passengers boarding domestic flights from Mumbai airport

Countdown begins for ISRO's first mission in 2021, Brazil's Amazonia-1 on board

Countdown begins for ISRO's first mission in 2021, Brazil's Amazonia-1 on board

Trending on CNBC-TV18

Live TV

recommended for you