Scheme of amalgamation between Indus Tower & Bharti Infratel

On 25 October 2019

With reference to the letter dated 21 October 2019 intimating that Board of Directors of Bharti Infratel authorized the Committee of Directors (CoD) to explore and evaluate possible options in relation to Scheme of amalgamation between Bharti Infratel and Indus Towers. The directors in their meeting on 24 October 2019 accepted the CoD's recommendations to extend the long stop date by 60 days i.e. till December 24, 2019, based on the agreements made on closing adjustments. Based on such agreements done, the dilution of equity stake held by the current shareholders of Bharti Infratel shall be lower on lesser number of shares to be issued against swap of Indus shares vis-a-vis the illustrative shareholdings as disclosed in the original transaction announcement. Further, these would result in lower cash payments to Vodafone Idea and the illustrative amounts disclosed earlier.

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