Bharti Infratel announced that the Board of the company met today, 24 February 2020, and took note of the FDI approval for merger of Indus Towers with Bharti Infratel received late evening on 21 February 2020.
Since the other actions/conditions precedent to be fulfilled for the Scheme to become effective cannot be completed by the extended Long Stop Date i.e. 24 February 2020, the Board of Directors have further extended the long stop date till 24 April 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.
The final decision to implement the scheme will be taken by the Board keeping in mind the best interest of the Company and its stakeholders including the assessment of the current crisis facing the telecom
industry and the extent of its impact on the Company's major customers.