IANS | 19 Jun, 2024
Bharti Airtel said on Wednesday it has acquired 1 per cent equity stake
in telecommunications infrastructure company Indus Towers, after the UK's
Vodafone Group sold nearly 20 per cent shareholding in the firm.
In a stock exchange filing, Bharti Airtel said it bought 2.695 crore
shares in Indus Towers 'on-market'.
The telecom service provider had received the directors' approval for
acquisition of up to 2.7 crore (27 million) equity shares in Indus Towers
Limited.
Before this deal, Bharti Airtel had 47.95 per cent equity stake in Indus
Towers.
Bharti Airtel stock was down around 1.21 per cent at Rs 1,411 during the
day trade.
Meanwhile, Vodafone Group has reportedly sold as many as 53.3 crore
shares in Indus Towers for Rs 17,065 crore.
Reports earlier claimed Vodafone Group was looking to sell its entire
$2.3 billion stake in Indus Towers through block deals.
As per reports, the Indus Towers block deal could be the second-largest
in India following the ITC transaction earlier this year.
According to Nuvama Institutional Equities, the stake sale is of
significant size and, therefore, the float adjustment in passive indices should
happen in the next few days.
--IANS