Bharti Infratel shares surge after merger with Indus Towers

Source :IANS
Author :IANS
Last Updated: Fri, Nov 20th, 2020, 12:05:54hrs
Bharti Infratel

Mumbai: Shares of Bharti Infratel surged over 7 per cent on Friday after the company completed its long-awaited merger with Indus Towers.

Around 10.25 a.m., Bharti Infratel's shares on the BSE were trading at Rs 198.70, higher by Rs 13.10 or 7.06 per cent from its previous close.

Shares of Vodafone Idea also jumped 4 per cent post the merger. Post the completion of the transaction, Vodafone Idea Ltd (VIL) has received cash consideration of Rs 3,760.1 crore for its 11.15 per cent shareholding in Indus Towers.

Vodafone Idea's shares on the BSE were trading at Rs 9.64, higher by 3.99 per cent from its previous close.

"The said transaction had been executed and completed on November 19, 2020 ("VIL closing")," Bharti Infratel said in a filing on Thursday evening.

The Board of Bharti Infratel has allotted over 75.78 crore equity shares of Rs 10 each to the Vodafone group and over 8.75 crore equity shares of Rs 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.

The merger has created a mega telecom infrastructure company.