Vodafone Idea, Bharti Infratel shares soar on completion of merger deal

Shares of Vodafone Idea Ltd (VIL) and Bharti Infratel surged on Friday on completion of the Bharti Infratel and Indus Towers merger deal.

The scrip of debt-ridden VIL jumped over 8 per cent while that of Bharti Infratel soared 19 per cent.

A day after the announcement about completion of the deal, Bharti Infratel skyrocketed 19.26 per cent to Rs 221.70, after touching an intra-day high of Rs 223.05 on the NSE.

The stock closed 17.73 per cent higher at Rs 218.50 on the BSE after touching an intra-day high of Rs 222.70.

VIL shares gained 8.31 per cent to close at Rs 10.04 on the BSE. It had touched an intra-day high of Rs 10.13. On the NSE, the scrip rose 7.57 per cent to close at Rs 9.95 apiece after touching an intra-day high of Rs 10.15.

According to a regulatory filing, the merger of Bharti Infratel and Indus Towers to create a mega tower company has been completed, and Vodafone Idea has received about Rs 3,760 crore cash for its 11.15 per cent holding in Indus.

As promoters of the new company, Vodafone Group will hold 28.12 per cent stake in the merged entity while the holding of Bharti Airtel Group will be about 36.7 per cent.