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Bharti Infratel Limited (Infratel) has said the scheme of merger with Indus Towers Limited (Indus) into the company has become effective and complete.
In a Board meeting held on Thursday, it has been decided that Bharti Airtel will hold 36.7 per cent stake in the merged entity, Vodafone UK (28.1 per cent), Providence Equity Partners (3.1 per cent) with public holding (35.2 per cent), Infratel said in a stock filing.
As per the proposal, Vodafone Idea Limited (VIL) had elected to receive cash under the right available to certain shareholders, and as pursuant to the same, VIL has received cash consideration of ₹3,760 crore for its 11.15 per cent shareholding in Indus.
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As per the scheme and order of NCLT dated May 31, 2019, upon the Scheme becoming effective, the name of the Transferee Company -- “Bharti Infratel Limited” -- will be changed to “Indus Towers Limited”, the statement said.
As per earlier decision, the Board has appointed Bimal Dayal as the Chief Executive Officer of the merged entity.
Further, the Board has allotted 75,78,21,804 equity shares of ₹10 each to the Vodafone group and 8,75,06,900 equity shares of ₹10 each to P5 Asia Holding Investments (Mauritius) Limited (Providence) (together ‘eligible shareholders’ of Indus as on the record date) (the Equity Shares)aggregating to 28.12 per cent and 3.25 per cent respectively in the post-issue share capital of the company.
Accordingly, the paid-up equity share capital of the company stands increased to ₹26,94,93,69,500 divided into 2,69,49,36,950 Equity Shares of ₹10 each fully paid-up.
Infratel also said that seven directors have resigned from the Board of the company, with effect from the conclusion of the Board meeting including Akhil Kumar Gupta, Executive Chairman; Bharat Sumant Raut, Independent Director; Bimal Dayal, Managing Director and Director; and Jitender Balakrishnan, Independent Director.
Anita Kapur, Independent Director; Narayanan Kumar, Independent Director; and Rajan Bharti Mittal, Non-executive Non-Independent Director will remain as the directors of the company.
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