Bharti Infratel Indus Merger

So far, the stock had been an under-performer having gained mere 4 per cent in the last six months compared to a 17 per cent rally in the S&P BSE Sensex.

The company said its board took note of the status of scheme of arrangement between Indus Towers and Bharti Infratel and the related agreements

The approval comes at a time when the telecom companies stare at Rs 1.47 trillion in unpaid dues in the adjusted gross revenue (AGR) issue

The merger proposes to create a company with over 163,000 towers having received clearance from the Chandigarh Bench of the National Company Law Tribunal in June, this year

The new entity will have 163,000 towers, but pressure on tenancy likely for 24 months