The proposed merger of Bharti Infratel and Indus Towers is expected to be completed soon as principal shareholders Bharti Group and Vodafone Idea Limited (VIL) have reportedly opted for a share-swap arrangement instead of the original plan. According to the plan, Bharti Infratel would acquire VIL’s entire 11.15 per cent stake in Indus Towers for Rs 45 billion in cash.

Under the new plan, VIL and Providence Equity Partners, an investor in Indus Towers, will be issued fresh shares in the merged entity.

However, the shareholders will be approaching the National Company Law Tribunal (NCLT) in Chandigarh to get final approval of the merger.

According to the original merger announcement, VIL, holding 11.15 per cent in Indus Towers, and Providence Equity Partners holding 4.85 percent in Indus Towers had two options. In the first option, VIL could swap its entire stake in Indus Towers for a 7.1 per cent stake in the merged entity and Providence could exchange its holdings for 3.1 per cent in the merged entity.