Update on merger of Indus with Bharti Infratel
Vodafone Idea announced that in relation to the merger of Indus (in which the company is holding 11.15% equity stake) with Bharti lnfratel, all the conditions precedent, including that of DoT approval under the FEMA Regulations, have not been completed by the extended Long Stop Date of 24 December 2019.The parties have further agreed to extend the Long Stop Date till 24 February 2020, subject to other conditions precedent for closing as well as mutual agreement on closing adjustments. Each party has retained a right to terminate and withdraw the merger scheme on or prior to 24 February 2020.
Since completion of the proposed transaction is subject to the receipt of all regulatory approvals and fulfilment of other conditions precedent, there can be no assurance that the transaction can be completed within the extended timeframe.
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