Vodafone gets lenders' nod for Indus Towers-Bharti Infratel merger
Oct 5, 2020, 16:00 IST
Vodafone Group Plc on Monday said that its lenders have given their consent for the merger of Indus Towers and Bharti Infratel.
On September 1, Vodafone Group had announced that it had agreed to proceed with the proposed merger.
"The agreement to proceed was conditional on consent for a security package for the benefit of the Combined Company (the "Security Package") from Vodafone's existing lenders (for the Euro 1.3 billion loan utilised to fund Vodafone's contribution to the Vodafone Idea Ltd rights issue in 2019). This consent has now been received," the company said in a statement on Monday.
The parties will now approach the National Company Law Tribunal to make the merger scheme effective. The parties are working to complete the transaction expeditiously, it added.
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On September 1, Vodafone Group had announced that it had agreed to proceed with the proposed merger.
"The agreement to proceed was conditional on consent for a security package for the benefit of the Combined Company (the "Security Package") from Vodafone's existing lenders (for the Euro 1.3 billion loan utilised to fund Vodafone's contribution to the Vodafone Idea Ltd rights issue in 2019). This consent has now been received," the company said in a statement on Monday.
The parties will now approach the National Company Law Tribunal to make the merger scheme effective. The parties are working to complete the transaction expeditiously, it added.
SEE ALSO: Harvey J Alter, Michael Houghton, and Charles M Rice jointly win the 2020 Nobel Prize in Medicine for the discovery of Hepatitis C virus
The Indian Air Force is ready for a two-front war, says Air Chief Marshal RKS Bhadauria