Bharti Infratel shares soar after merger with Indus Towers

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.

The much-delayed merger of the two companies was completed on Thursday.

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.

“The said transaction had been executed and completed on November 19, 2020 (“VIL closing”),” the filing said.

Further, the Board of Bharti Infratel has allotted 757,821 ,804 equity shares of Rs 10 each to the Vodafone group and 87,506,900 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.

“Accordingly, the paid-up equity share capital of the company stands increased to Rs 26,949,369,500 divided into 2,694,936,950 Equity Shares of Rs 10 each fully paid-up,” it said.

The board has appointed Bimal Dayal as the CEO of the company eith immediate effect and Manish Dawar will be the CFO with effect from December 1, 2020.

Shares of Vodafone Idea also jumped 4 per cent post the merger. Post the completion of the transaction. Vodafone Idea’s shares on the BSE were trading at Rs 9.64, higher by 3.99 per cent from its previous close.

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