Lenders agree to Vodafone's Indus Towers-Bharti Infratel merger

Source :Sify
Author :Finance Desk
Last Updated: Mon, Oct 5th, 2020, 17:19:31hrs

Mumbai: Vodafone Group Plc on Monday said that lenders had aproved to merger of Indus Towers and Bharti Infratel.

Vodafone Group on On September 1 said that it would proceed with such a proposed merger.

"The agreement to proceed was conditional on consent for a security package for the benefit of the Combined Company (the "Security Package") from Vodafone's existing lenders (for the Euro 1.3 billion loan utilised to fund Vodafone's contribution to the Vodafone Idea Ltd rights issue in 2019). This consent has now been received," the company said in a statement on Monday.

The parties will now approach the National Company Law Tribunal to make the merger scheme effective. The parties are working to complete the transaction expeditiously, it added.