The merger of Bharti Infratel and Indus Towers to create a mega tower company has been completed. With this, Vodafone Idea (Vi) has received about Rs 37.6 billion in cash for its 11.15 per cent holding in Indus.
In the merged entity which will be renamed as ‘Indus Towers Limited’, Vodafone Group and Bharti Airtel Group will be holding 28.12 per cent and 36.7 per cent stakes, respectively.
Further, Bimal Dayal has been named as the chief executive officer (CEO) of the merged entity.
Meanwhile, the board of directors of the company will also be re-constituted. In tandem, Akhil Gupta, executive chairman of Bharti Infratel and few of the independent directors have resigned from the board. The board, based on the recommendation of the HR, nomination and remuneration committee, has approved the appointment of some additional directors, including Gopal Vittal, Harjeet Kohli, Ravinder Takkar and Balesh Sharma as non-executive non-independent directors.
Picture Credit: Bloomberg