Bharti Infratel jumps as government approves merger with Indus Towers

Mumbai: Shares of Vodafone Idea had jumped nearly 14%, while those of Bharti Infratel Ltd had surged as much as 10% in early deals on Monday following the government’s approval to the merger Indus Towers with Bharti Infratel.

At 11am on the BSE, Bharti Infratel Ltd was flat at ₹226.20 apiece, while Vodafone Idea Ltd was down nearly 2% at ₹4.38, having earlier touched a high of ₹5.01. Bharti Airtel was down 1.7% at ₹536 apiece.

The department of telecommunications (DoT) on Friday approved the merger of two tower companies–Sunil Mittal-led Bharti Infratel Ltd and Indus Towers Ltd–allowing Vodafone Idea Ltd to raise funds by divesting its stake in the latter.