Bharti Infratel-Indus Tower merger delayed to June 2020

Bharti Infratel-Indus Tower merger delayed to June 2020

The proposed merger of Bharti Infratel and Indus Tower has been pushed back for the fourth time with the long stop date of 24th April 2020 being extended to 24th June 2020.

Vodafone Idea in a BSE filing informed the Stock exchange that parties had agreed to further extend the extended long stop date so as to complete the remaining precedent including the pre-closing adjustments.

VIL also stated that consummation of the merger is subject to the mutual agreement of the parties on the pre-closing adjustments, and other conditions precedent for closing.

VIL also stated that each party retained the right to terminate and withdraw the merger scheme on or prior to 24 June 2020. The same was reiterated by Bharti Infratel CEO Akhil Gupta in a post-earnings conference call on Friday.

Bharti Infratel on Thursday posted a profit of Rs 650 crores in Q4 FY 20, up by 7% Y-o-Y. Infratel revenue in FY 20 stood at Rs 14,647 crores with EBITDA at Rs 7,742 crores in FY 20. PAT in FY 20 stood at Rs 3,229 crores.

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