Bharti Infratel announced that with reference to the scheme of amalgamation and arrangement between Indus Tower and Bharti Infratel, the Government approvals have not been received till date, and consequently, conditions precedent could not be completed within the extended timeline i.e. 24 December 2019.
The Board of Directors have further extended the long stop date till 24 February 2020, subject to agreement on closing adjustments and other conditions precedent for closing, with each party retaining the right to terminate and withdraw the scheme.
Completion of merger is contingent upon receipt of requisite regulatory approvals and fulfilment of other conditions precedent. There can be no assurance that the merger can be completed within the extended time-frame.
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