Bharti Airtel to Own Majority Stake in Indus Towers
Aug 28, 2024 11:20
Bharti Airtel will hold over 50% stake in Indus Towers after completion of the Rs 2,640-crore share buyback scheme, increasing its existing 48.95% stake.
New Delhi, Aug 28 (PTI) Bharti Airtel will hold over 50 per cent stake in Indus Towers after completion of the ongoing Rs 2,640-crore share buyback scheme of the telecom infrastructure firm, a regulatory filing said on Wednesday.
Telecom infrastructure major Indus Towers commenced the buyback of over 5.67 crore shares at Rs 465 apiece on August 14, representing approximately 2.107 per cent of total number of equity shares in the paid-up share capital of the company.
"... In terms of communication dated August 27, 2024 issued by Indus Towers, the shareholding of the company in Indus Towers will increase to more than 50 per cent (i.e. about 50.005 per cent) of its paid-up share capital, subject to completion of relevant activities within stipulated timelines for the said Buyback," Bharti Airtel said in a regulatory filing.
Bharti Airtel at present holds 48.95 per cent stake in Indus Towers.
Indus Towers has set August 28 as the last date for completion of settlement of bids by the BSE.
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