Vodafone Idea, Bharti Infratel shares soar on completion of merger deal

Shares of Vodafone Idea Ltd (VIL) and Bharti Infratel surged on Friday on completion of the Bharti Infratel and Indus Towers merger deal.

The scrip of debt-ridden VIL jumped over 8 per cent whereas that of Bharti Infratel soared 19 per cent.

A day after the announcement about completion of the deal, Bharti Infratel skyrocketed 19.26 per cent to Rs 221.70, after touching an intra-day excessive of Rs 223.05 on the NSE.

The stock closed 17.73 per cent larger at Rs 218.50 on the BSE after touching an intra-day excessive of Rs 222.70.

VIL shares gained 8.31 per cent to shut at Rs 10.04 on the BSE. It had touched an intra-day excessive of Rs 10.13. On the NSE, the scrip rose 7.57 per cent to shut at Rs 9.95 apiece after touching an intra-day excessive of Rs 10.15.

According to a regulatory submitting, the merger of Bharti Infratel and Indus Towers to create a mega tower firm has been accomplished, and Vodafone Idea has acquired about Rs 3,760 crore money for its 11.15 per cent holding in Indus.

As promoters of the brand new firm, Vodafone Group will maintain 28.12 per cent stake within the merged entity whereas the holding of Bharti Airtel Group shall be about 36.7 per cent.

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