Bharti Infratel defers board meet over merger with Indus Towers

Bharti Infratel has deferred its board meet scheduled for Thursday, to decide over its merger with Indus Towers.

The Board of the telecom infrastructure company was to take a final decision on the scheme of arrangement with Indus Towers. In a regulatory filing, the company said that it would “definitely” hold the board meet on or before the long stop date of June 24.

“Certain inputs that would have been required by the Board for it to deliberate and take a final decision have been delayed given the current environment. In view of the same, the said Board meeting has been rescheduled for a later date but definitely on or before the current long stop date of 24th June 2020,” it said.

On June 4, Infratel had said that there can be no certainty whether the merger will get completed or not, with each party retaining the right to terminate and withdraw the scheme at any point.

This was the fourth postponement of the deadline for merger, which was initially expected to complete by March 2019.

Shares of the Bharti Infratel fell on Thursday. At 11.43 a.m., it was trading at Rs 226.15, lower by Rs 6.80 or 2.92 per cent from its previous close.