Bharti Infratel drops on extending deadline for merger with Indus Towers

Bharti Infratel fell 3.90% to Rs 224.05 after the company's board extended the long stop date for the long pending merger with Indus Towers to 31 August 2020.

Bharti Infratel's board met yesterday and took note of the status of Scheme of arrangement between Indus and the company. Since the conditions precedent to be fulfilled for the Scheme to become effective cannot be completed by the extended long stop date i.e. 24 June 2020, the board of directors have further extended the long stop date till 31 August 2020, subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme, the company said in an announcement made after trading hours on Wednesday.

Earlier, Bharti Infratel and Indus Towers had in April 2018, entered into a proposed scheme of amalgamation and arrangement to create a pan-India tower company.

Bharti Infratel is a provider of passive telecom infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.

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