Bharti Infratel, Indus Towers complete merger: Singtel

SINGAPORE Telecommunications (Singtel) on Friday said the merger of Indus Towers and Bharti Infratel, a subsidiary of Singtel's Indian associate Bharti Airtel, has been completed.

The combined entity, to be renamed Indus Towers Limited, is listed on the National Stock Exchange of India and BSE.

When the scheme of arrangement between Indus Towers and Bharti Infratel is implemented, Bharti Airtel's aggregate shareholding in the combined entity will be changed to 36.73 per cent from 53.51 per cent.

Bharti Infratel's board on Sept 1 authorised the company's chairman to proceed with the scheme of arrangement and to comply with other procedural requirements for completing the merger.

Announced in 2018, the Indus-Infratel merger creates a US$14.6 billion telecom tower giant with more than 163,000 structures.

Singtel shares closed at S$2.39 on Thursday, up S$0.04 or 1.7 per cent.