"The company has received approval from the Registrar of Companies, the National Capital Territory (NCT) of Delhi and Haryana for change of name of the company from Bharti Infratel
Limited to Indus Towers Limited as provided in the scheme of amalgamation and arrangement between the company and erstwhile Indus Towers Limited and their respective shareholders and creditors," Bharti Infratel
said in a BSE filing
The company said it has initiated due process for getting final approval from stock exchanges to update the name.
In the past one month, Bharti Infratel's stock has outperformed the market by surging 40 per cent as the company completed merger with Indus Towers to create a mega tower company (renamed Indus Towers). In comparison, the S&P BSE Sensex gained 6 per cent during the same period.
Earlier this month, on December 2, 2020, Bharti Airtel’s wholly-owned subsidiary Nettle Infrastructure Investments bought 133 million shares, or 4.94 per cent, additional stake in Bharti Infratel for Rs 2,882 crore via block deals. With this acquisition by Nettle, the aggregate shareholding of Bharti (along with subsidiaries) has increased to 41.66 per cent in Infratel against 36.73 per cent, earlier.
Since then, Bharti Infratel has seen its share price rise by 17 per cent, as against a 3 per cent rise in the S&P BSE Sensex.