Bharti Infratel said its board has decided to go ahead with the scheme of merger with Indus Towers.The company also said the cash consideration chosen by Vodafone Idea Ltd. (VIL) for its shareholding in Indus Towers came to about ₹4,000 crore. “After deliberations, the board has decided to authorise thecChairman to proceed with the scheme and to comply with other procedural requirements for completion of the merger, including approaching NCLT, to make the scheme effective subject to certain procedural condition precedents,” the company said in a filing.Based on Tuesday’s calculation, the cash consideration chosen by VIL for its 11.15% stake in Indus Towers came to about ₹4,000 crore.In a separate communique to the stock exchanges, VIL said that it has undertaken to sell its 11.15% stake in Indus Towers for cash. “VIL has agreed to make a prepayment of ₹24 billion to the merged tower entity from the cash consideration to be received from Infratel at the time of closing,” it said, adding that the prepayment amount will be adjusted to the extent of 50% of all undisputed and due amounts payable by VIL to the merged tower entity post-closing and VIL will be required to pay only the balance 50% of undisputed dues.The prepayment amount will accrue interest at 6% p.a. This will continue until the entire prepayment amount with accrued interest is fully adjusted, it added.“The parties have agreed to take appropriate steps to progress the approvals for the merger, the completion of the merger shall be subject to receipt of all such approvals. The merger scheme shall become effective on the date on which certified copy of the order of Hon’ble NCLT is filed with Registrar of Companies,” it said.
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