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Shares of Bharti Infratel on Tuesday fell nearly 8 per cent intraday after gaining in the opening session. The stock jumped over 5 per cent in opening trade after the company said its board has decided to proceed with the scheme for merger with Indus Towers.
At 12. 05 pm, the stock declined 7..80 per cent to ₹182.95 on the BSE.
At the NSE, it ws down by 7.50 per cent to ₹183.65. It rose to a high of ₹208.80 in the opening trades.
Bharti Infratel on Tuesday said its board has decided to proceed with the scheme for merger with Indus Towers, and that the cash consideration chosen by Vodafone Idea for its 11.15 per cent stake in Indus Towers is expected to be about Rs 4,000 crore.
The company said its board, in a meeting held on August 31, 2020, took note of the status of scheme of arrangement between Indus Towers and Bharti Infratel and the related agreements.
“After deliberations, the board has decided to authorise the chairman to proceed with the scheme and to comply with other procedural requirements for completion of the merger including approaching NCLT (National Company Law Tribunal) to make the scheme effective subject to certain procedural condition precedents,” it said in a regulatory filing.
Bharti Airtel will hold 36.7 per cent stake in the merged entity, Vodafone UK (28.2 per cent), Providence Equity Partners (3.2 per cent) with public holding (31.6 per cent), according to a source.
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