Bharti Infratel extends Indus Towers merger date till Aug 31
The Bharti Infratel-Indus Towers merger has again been delayed as Bharti Infratel extended the deadline for completion of merger till August 31.
It’s the fifth time that the long stop date to merge has been extended. The merger was expected to complete by March 2019.
In a regulatory filing on Wednesday after a board meeting, the company said the decision was taken as merger conditions were yet to be fulfilled.
“Since the conditions precedent to be fulfilled for the scheme to become effective can’t be completed by the extended long stop date i.e. June 24, 2020, the board of directors has extended the long stop date till August 31, 2020, subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme,” it said.
The final decision to implement the scheme would be taken by the board keeping in mind the best interest of the company and its stakeholders, the telecom infrastructure company said.