Bharti Infratel gets SEBI approval for merger with Indus towers
Bharti Infratel, the mobile tower arm of telecom bellwether Bharti Airtel, on Wednesday said that it has received clearance from the stock exchanges for its merger with Indus Towers.
The company will now be approaching National Company Law Tribunal for an approval.
Earlier this year in April, Bharti Airtel, Vodafone and Idea Cellular had announced an agreement for the merger of Indus Towers and Bharti Infratel to create the world's largest mobile tower operator outside of China. It will have over 1,63,000 towers at 22 telecom service areas across the country.
On Wednesday, Bharti Infratel Ltd. closed at Rs. 286.90, up Rs. 1.05 or 0.37 per cent on NSE. The stock opened at Rs. 286 and touched an intraday high of Rs. 291.90 per share on NSE. The stock has a 52-week high of Rs. 482.80 and a 52-week low of Rs. 274.55 per share on NSE. The stock attracted a traded volume of 64,54,497 shares on NSE.