Bharti Infratel up 28% in 3 days on completion of Indus Tower merger deal

Shares of Bharti Infratel surged 9 per cent to Rs 238 on the BSE on Tuesday, rallying 28 per cent in the past three trading days after the company completed merger with Indus Towers to create a mega tower company (renamed Indus Towers). The stock hit a 52-week high of Rs 295.75 in December 2019.

According to a regulatory filing, the merger of Bharti Infratel and Indus Towers to create a mega tower company has been completed, and Vodafone Idea has received about Rs 3,760 crore cash for its 11.15 per cent holding in Indus.

As promoters of the new company, Vodafone Group will hold 28.12 per cent stake in the merged entity while the holding of Bharti Airtel Group will be about 36.7 per cent.