STOCK MARKET BSE NSE

Vodafone lenders approve merger of Indus Towers with Bharti Infratel

'The parties are working to complete the transaction expeditiously,' Vodafone said in a statement.

Published: 05th October 2020 03:01 PM  |   Last Updated: 05th October 2020 03:01 PM   |  A+A-

Vodafone logo used for representation

Vodafone Idea logo. (File Photo | AP)

By PTI

NEW DELHI: British telecom major Vodafone Group on Monday said it has received an approval from its lenders, who contributed in funding for Vodafone Idea, to proceed with the merger of Indus Towers with Bharti Infratel.

Vodafone Idea holds 11.15 per cent stake in Indus Towers, which is estimated to be valued at around Rs 4,000 crore.

Vodafone Group Plc had announced on September 1, 2020 that it had agreed to proceed with the merger of Indus Towers Limited and Bharti Infratel Limited (Bharti Infratel, together the 'combined company').

"The agreement to proceed was conditional on consent for a security package for the benefit of the combined company from Vodafone's existing lenders, for the 1.3 billion euros (about Rs 11,100 crore) loan utilised to fund Vodafone's contribution to the Vodafone Idea Ltd rights issue in 2019. This consent has now been received," Vodafone said in a statement. The parties will now approach the National Company Law Tribunal to make the merger scheme effective.

"The parties are working to complete the transaction expeditiously," Vodafone said in a statement.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp