Bharti Infratel slips after merger with Indus Towers

Fair trade regulator Competition Commission of India (CCI) has approved the merger of Bharti Infratel and Indus Towers Ltd.

Bharti Airtel, Idea Cellular and Vodafone Group had announced the agreement earlier this month for the merger of Bharti Infratel and Indus Towers. The merger would make the combined entity the world's largest tower operator in the world outside of China. After the merger, Bharti Airtel and Vodafone will have the rights to jointly control the merged company.
 

The company is currently owned jointly by Bharti infratel, Vodafone, Idea Group and Providence, with Bharti Infratel having the highest holding of 42 per cent. The transaction is expected to be completed before the end of 2018-19.

On Monday, the stock hit an intraday high of Rs. 304 per share and an intraday low of Rs.295 per share on the BSE. It recorded its 52-week high at Rs. 481 per share and its 52-week low at Rs. 274 per share on the BSE.

At 12:28 IST, the stock was trading at Rs.296.45 per share down by 1.36 per cent on the BSE. While the BSE Sensex was trading at 35,144 level, down by 0.80 per cent while NSE Nifty50 was trading at 10,615.75 level, down by 0.91 per cent.