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Vodafone lenders approve merger of Indus Towers with Bharti Infratel

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Vodafone Idea holds 11.15% stake in Indus Towers, which is estimated to be valued at round ₹4,000 crore.

British telecom main Vodafone Group on Monday mentioned it has obtained an approval from its lenders, who contributed in funding for Vodafone Idea, to proceed with the merger of Indus Towers with Bharti Infratel.

Vodafone Idea holds 11.15% stake in Indus Towers, which is estimated to be valued at round ₹4,000 crore.

Vodafone Group Plc. had introduced on September 1, 2020 that it had agreed to proceed with the merger of Indus Towers Limited and Bharti Infratel Limited (Bharti Infratel, collectively the ‘combined company’).

“The agreement to proceed was conditional on consent for a security package for the benefit of the combined company from Vodafone’s existing lenders, for the 1.3 billion euros (about ₹11,100 crore) loan utilised to fund Vodafone’s contribution to the Vodafone Idea Ltd rights issue in 2019. This consent has now been received,” Vodafone mentioned in a press release.

The events will now strategy the National Company Law Tribunal to make the merger scheme efficient.

“The parties are working to complete the transaction expeditiously,” Vodafone mentioned in a press release.



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