new Delhi. The merger of Bharti Infratel-Indus Towers will be further delayed, as Bharti Infratel has extended the merger completion deadline to 31 August. This is the fifth time telecom company Bharti Infratel has extended the merger deadline with Indus Towers.
In a notice sent to the stock market on Wednesday after the board meeting, the company said that the decision has been taken because the terms of the merger are yet to be met.
The company stated, "Since the various conditions for the merger were not possible to be fulfilled by the extended date of June 24, 2020, the Board of Directors has now extended the completion date to August 31, 2020, under the agreement. The terms and other conditions to be executed are to be met. Each party has the right to cancel and withdraw from the agreement. " The telecom infrastructure company said that the final decision to implement the plan would be taken keeping in mind the best interest of the company and its stakeholders.
The deal was signed in April 2018 and was targeted to be completed in October 2019. However first it was extended to December 2019 and then to February 2020. After this, the deadline was again extended to 24 April and then to 24 June. Now the new deadline has been kept 31 August.
Bharti Infratel has a 42 percent stake in Indus Tower, while Vodafone Group also has a 42 percent stake. In addition, Vodafone Idea and US-based asset management firm Providence Equity Partners also have stakes. After the merger, Bharti Infratel and Indus Tower will control a third of the country's market overall. There will be a total of 1.69 lakh towers spread across all 22 telecom service areas of the country.
This post was published on June 25, 2020 1:58 am
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