Bharti Infratel is currently trading at its intraday high point at Rs.199.50, up 7.5%. Its 10% UC for the day is at Rs.204.15. 52-week high stands at Rs.295.75 and low at Rs.121.25.
Vodafone too rose over 7.5% to Rs.9.70 and remains around the same levels currently.
The stock is up on its announcement that the Chandigarh bench of the National Company Law Tribunal gave its approval to merge itself with Indus Tower to create the biggest tower company, second to China.
Post this, the name of the company will change to Indus Towers.
Vodafone Idea Limited (VIL) had elected to receive cash pursuant to the right available to certain shareholders, to the tune of Rs.3760 crore for its 11.15% shareholding in Indus. The said transaction was executed and completed yesterday.
The Board has allotted shares to the Vodafone group and to PS Asia Holding Investments (Mauritius) Limited (Providence), aggregating to 28.12% and 3 .25% respectively in the post-issue share capital of the Company.
Indus Towers was owned by Bharti Infratel with a 42% stake, Vodafone Plc too held 42% while VVIL held 11.15% and Providence held 4.85%.