Airtel to Acquire Majority Stake in Indus Towers

28 Aug 2024 , 11:20 AM

Bharti Airtel will acquire a majority 50.005% interest in Indus Towers following the conclusion of the repurchase process.

Bharti Airtel’s shareholding in the company will increase to 50.005% if all relevant activities for the Buyback are completed within the timeline specified in the Letter of Offer, including payment to eligible shareholders and extinguishment of equity shares. As a result, Indus Towers would become a subsidiary of Bharti Airtel under the provisions of the Companies Act of 2013,” Indus Towers stated in a late-night exchange filing Tuesday.

The tower company added that on August 27, 2024, the Indus board’s buyback committee approved the basis of acceptance of 5,67,74,193 (56.7 million) equity shares of face value of Rs 10 each from eligible shareholders who had tendered their shares (for the Buyback) in accordance with the terms of and in the manner set out in the public announcement dated July 31, 2024, published on August 1 and the letter of offer dated August 12.

Earlier this month, the Indus board approved a buyback of 56.7 million equity shares at Rs 465 each, representing 2.107% of the company’s total shares and totalling Rs 2,640 crore. The buyback offer ended on August 21.

The tower firm had set August 9 as the record date for evaluating eligibility and identifying equity stockholders who would be eligible to participate in the repurchase.

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