In Short:
Bharti Airtel has increased its stake in Indus Towers by acquiring another 1%, bringing its ownership to 48.95%. Airtel is inching closer to majority ownership and is committed to ensuring Indus Towers remains strong. Airtel’s move comes as Vodafone Idea faces financial challenges and owes nearly Rs 10,000 crore in dues to Indus. Meanwhile, UK’s Vodafone Plc is set to sell a portion of its stake in Indus Towers.
Bharti Airtel Acquires 1% Stake in Indus Towers, Moves Closer to Majority Ownership
Kolkata: Bharti Airtel has acquired another 1% stake in Indus Towers for an undisclosed sum via an all-cash block deal, boosting its stake in the telecom tower company to 48.95%.
Details of the Acquisition
According to an NSE filing on Wednesday, “a Special Committee of Directors for evaluation of stake in Subsidiaries and Joint Ventures” approved the acquisition of approximately 26.95 million (1%) equity shares of Indus Towers by Bharti Airtel.
Company Commitment
Earlier this year, Airtel had expressed its commitment to ensuring the tower company’s stability, especially in light of Vodafone Idea’s financial challenges. Airtel chairman Sunil Mittal emphasized the importance of Vi clearing all past dues with Indus Towers.
Market Impact
Following the acquisition announcement, shares of Indus Towers dropped by 4.55% to Rs 328.25, while Airtel’s shares were trading 1.17% lower at Rs 1,412 on the BSE.
