Telecom infrastructure company Bharti Infratel on Wednesday decided to extend the deadline for merger with Indus Towers by over two months till August 31, according to a regulatory filing.
The decision was taken by the board of the company, which met on Wednesday and took note of the status of the scheme of arrangement between Indus and Bharti Infratel.
"Since the conditions precedent to be fulfilled for the scheme to become effective cannot be completed by the extended Long Stop Date that is June 24, 2020, the board of directors has further extended the Long Stop Date till August 31, 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 company said in a BSE filing.
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, Bharti Infratel added.
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