The stock of the tower and related infrastructure sharing services provider was trading at its lowest level since May 2014.
“The board of directors, in its meeting held on October 24, 2019, has accepted the Committee of Directors (CoD's) recommendations to extend the long stop date by 60 days i.e. till December 24, 2019, on the basis of agreements on closing adjustments and other conditions precedent for closing,” Bharti Infratel said in a regulatory filing.
Since the completion of merger is contingent upon receipt of requisite regulatory approvals and fulfilment of other conditions precedent, there can be no assurance that the merger can be completed within the extended time-frame, it added.
The company said the delay in the deal will also result in a lower payment to Vodafone Idea for its around 11.15 per cent stake.
At 09:41 am, Bharti Infratel was trading 6 per cent lower at Rs 221 on the BSE, as compared to a 0.27 per cent rise in the S&P BSE Sensex. A combined 4.4 million shares changed hands on the counter on the NSE and BSE so far.