Bharti Airtel was the top gainer among the Sebsex pack during the morning session on Wednesday after the company announced that Indus Towers will be merged with its tower arm Bharti Infratel, making the combined company to be the world's largest tower company outside China.
In India, the merger will create a pan-India tower company, with over 1,63,000 towers.
At 11am, the shares of Bharti Airtel were trading at ₹424.25, up 4.47% or ₹18.15 even as rte benchmark Sensex was down 65 points at 34,552 due to global factors.
"The board evaluated two options — one an offer for sale of significant stake in Bharti Infratel from a consortium of leading PE investors and the other a proposal for merger of Indus Towers into Bharti Infratel. The Board after due deliberations approved the proposal for merger of Indus Towers into Bharti Infratel,” said Bharti Airtel in statement to the exchanges on Wednesday.
