Telecom tower companies Bharti Infratel and Indus Towers have completed their merger on November 19, 2020.
As of September 30 2020, Bharti Infratel owned and operated 43,110 towers with 76,565 co-locations in 11 telecom circles. Indus operated 128,984 towers with 237,541 co-locations in 15 telecom circles across India.
Vodafone Idea has received cash consideration of Rs 3,760.1 crore for its 11.15 percent shareholding in Indus Towers.
Bharti Infratel has allotted 757,821 ,804 equity shares of Rs 10 each to Vodafone group and 87,506,900 equity shares of Rs 10 each to PS Asia Holding Investments (Mauritius) (Providence) aggregating to 28.12 percent and 3.25 percent respectively in the post-issue share capital of the company.
The board of the combined telecom tower company has appointed Bimal Dayal as the CEO of the telecom tower company with immediate effect and Manish Dawar will be the CFO with effect from December 1, 2020.