Vodafone Idea Shares Rise Over 3% After Completing Merger With Bharti Infratel and Indus Towers
Shares of Vodafone Idea Ltd (VIL) on Friday jumped over 3 per cent after the company received Rs 3,760 crore cash on completion of the Bharti Infratel and Indus Towers merger deal.
New Delhi, Nov 20: Shares of Vodafone Idea Ltd (VIL) on Friday jumped over 3 per cent after the company received Rs 3,760 crore cash on completion of the Bharti Infratel and Indus Towers merger deal.
VIL stock climbed 3.24 per cent to Rs 9.57 on the BSE. On the NSE, it jumped by 3.78 per cent to Rs 9.60 apiece. Bharti Infratel shares too rallied up over 9 per cent on the bourses. On the BSE, the scrip surged 9.46 per cent to Rs 203.15. Similarly, on the NSE, it gained 9.49 per cent to Rs 203.55.
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.