April 25, 2018 / 3:01 AM / Updated 8 minutes ago

Bharti Airtel approves Bharti Infratel, Indus Towers merger

Reuters Staff

1 Min Read

(Reuters) - Bharti Airtel Ltd on Wednesday approved the merger of Indus Towers Ltd with Bharti Infratel Ltd.

Telecommunication towers are pictured through hanging flower pots at a residential building in Kolkata December 11, 2012. Bharti Infratel Ltd, the telecommunications tower arm of top Indian mobile carrier Bharti Airtel, said it will allot shares worth $120 million to cornerstone investors as part of its up to $832 million initial public offering. REUTERS/Rupak De Chowdhuri (INDIA - Tags: BUSINESS TELECOMS)

The merger ratio involves 1,565 shares of Bharti Infratel for every 1 share of Indus Towers share, the company said in a statement.

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Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar Warrier