Friday, May 7, 2021

Vodafone’s backers approve combine of Indus Towers with Bharti Infratel

Vodafone’s idea holds 11.15 percent share in the Indus Towers, the estimated value would be around Rs 4,000 crores. The parties will make the combine (merger) scheme effective by approaching the National Company Law Tribunal. “They had received an approval from its lenders, who contributed in funding for Vodafone idea, to proceed with the merger of the Indus Tower with Bharti Infratel” said British telecom major Vodafone Group on Monday.

1st September 2020, Vodafone Group Plc had declared that they had agreed to proceed with the merger of the Indus Tower Limited and Bharti Infratel Limited (Bharti Infratel, together there are “combined company”).

Vodafone mentioned in a statement that, “The agreement to proceed was conditional on consent for a security package for the well-being of the combined company from Vodafone’s existing backers, for the 1.3 billion euros which is Rs 11,100 crore loan utilized to fund Vodafone’s part of contribution to the Vodafone idea limited rights issue in 2019,this consent has been received now.”

They also mentioned in a statement that, “The parties are working to complete the transaction expeditiously.”

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