Bharti and Vodafone Group announces proposed CEO, CFO for merged entity

Bharti Infratel in its filing to the exchanges informed that Shareholder Groups (Bharti and Vodafone Group Plc.) of the combined entity resulting from the merger of Indus Towers Limited with Bharti Infratel Limited appointment of CEO and CFO.

 

Accordingly, the group appointed Bimal Dayal (currently CEO, Indus Towers) is proposed to be appointed as the Chief Executive Officer of the merged entity. He will be responsible for the combined business and will take forward integration of the two companies in the preparation of the merger. Further, Hemant Ruia (currently CFO, Indus Towers) is proposed to be appointed as the Chief Financial Officer of the merged entity.

 

"The group also announced that the merger process is at an advanced stage of completion," the company said in a press note released after market hours to the exchanges on Tuesday.

 

The merger of Bharti Infratel and Indus Towers will create a pan-India tower company, with over 163,000 towers, operating across all 22 telecom service areas in India, the company added.

 

Bharti Infratel Ltd's share price is currently at Rs276, down by Rs0 or 0%, from its previous close of Rs276 on the BSE. 

 

The scrip opened at Rs275 and has touched a high and low of Rs280.80 and Rs275, respectively. So far, 13,53,537 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs51,049.19cr.

 

NIFTY FUTURE TIPS