Telecom towers operator Bharti Infratel Ltd. has extended the deadline for its merger with Indus Towers Ltd. by two months to Apr. 24, but a final call on the scheme’s implementation will be taken keeping in mind the telecom crisis and its impact.
“The final decision to implement the scheme will be taken by the board keeping in mind the best interest of the company and its stakeholders including the assessment of the current crisis facing the telecom industry and the extent of its impact on the company’s major customers,” Bharti Infratel said in a regulatory filing.
It said that although the FDI approval for the merger with Indus Towers has been received, the long stop date (deadline) has been extended as other actions and conditions precedent to be fulfilled for the scheme to become effective cannot be completed by the previously stated deadline of Feb. 24.
“The board of directors has further extended long stop date till Apr. 24, 2020, subject to agreement on closing adjustment and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme,” it said.―Bloomberg Quint