BRIEF-Bharti Infratel Announces Merger With Indus Towers
April 25 (Reuters) - Bharti Infratel Ltd:
* ANNOUNCES MERGER OF BHARTI INFRATEL AND INDUS TOWERS
* TRANSACTION VALUES INDUS TOWERS AT AN ENTERPRISE VALUE OF 715 BILLION RUPEES
* COMBINED COMPANY, WHICH WILL FULLY OWN BUSINESSES OF CO AND INDUS TOWERS, WILL CHANGE ITS NAME TO INDUS TOWERS LIMITED
* BHARTI AIRTEL AND VODAFONE WILL JOINTLY CONTROL THE COMBINED COMPANY
* BHARTI AIRTEL AND VODAFONE WILL HAVE EQUAL RIGHTS IN THE COMBINED COMPANY
* BHARTI AIRTEL AND VODAFONE HAVE AGREED A CAPITAL STRUCTURE AND DIVIDEND POLICY WHICH IS EXPECTED TO BE IMPLEMENTED POST COMPLETION
* BOARD OF COMBINED CO WILL COMPRISE OF 11 DIRECTORS, OF WHOM THREE WILL BE APPOINTED BY EACH OF BHARTI AIRTEL AND VODAFONE
* PROVIDENCE HAS OPTION TO ELECT TO GET CASH/SHARES FOR 3.35 PERCENT OF 4.85 PERCENT STAKE IN INDUS TOWERS WITH BALANCE EXCHANGED FOR SHARES
* PRO FORMA FOR THE TRANSACTION, THE COMBINED CO’S EQUITY VALUE WOULD BE 965 BLN RUPEES Source text: bit.ly/2JrCYNQ Further company coverage: