At meeting held on 13 November 2017
The Board of Idea Cellular at its meeting held on 13 November 2017 has approved the sale of the Company's standalone tower business held by its wholly owned subsidiary, Idea Cellular Infrastructure Services (ICISL) to ATC Telecom Infrastructure.The Sale of the Company's standalone tower business will be achieved through the sale of the entire shareholding of ICIS by the Company comprising 60,000 equity shares of Rs 10 each to ATC Telecom Infrastructure, for an enterprise value of Rs 4000 crore.
The Board has approved the execution of a share purchase agreement amongst ATC Telecom Infrastructure, the Company and ICISL.
The transfer of shares is subject to regulatory approvals and is expected to be completed during the first half of calendar year 2018.
ATC Telecom Infrastructure is majority owned subsidiary of American Tower Corporation.
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