No more extensions for Infratel-Indus deal deadline beyond June 24: Akhil Gupta

NEW DELHI: Bharti Infratel Chairman Akhil Gupta said that the merger with Indus Towers has been an “overhang” on the tower company, but he expects a final decision on whether to conclude the deal or not by June 24.

Speaking to analysts a day after the company extended the long-stop date for closure of its merger deal for the fourth time, to June 24, Gupta said he was hopeful of completing the merger by the deadline. The fourth extension raised further concerns around the deal being closed, dragging the shares of India’s only listed tower company 10% intraday, before closing down 8.5% at Rs 152.10 on the BSE.

“The merger deal has been an overhang on the company, but, the circumstances have been such that the uncertainty created has forced us to defer it and carry forward the long-stop date,” Gupta said.