Indus Towers Buyback Offer to Open on August 14

13 Aug 2024 , 01:07 PM

Indus Towers Limited today said its offer to buy back 56.77 million shares for up to ₹2,640 crore will open on August 14 and close on August 21.

Indus Towers had on July 30 announced the buyback of shares at ₹465 rupees per share. The buyback price is at a premium of over 13% to the current market price of ₹411.90 on the National Stock Exchange.

The buyback size accounts for 9.9971% and 9.9668% of the company’s fully paid-up equity share capital and free reserves as of the three-month period ending June 30, 2024.

Indus Towers reported a 43% year-on-year increase in net profit, reaching Rs 1,926 crore for the fiscal first quarter, primarily due to strong tower additions from Bharti Airtel’s 5G rollout and the continued collection of past dues from Vodafone Idea (Vi). The company’s revenue for the April-June quarter grew by 4.3% year-on-year, totaling Rs 7,383 crore.

Over the past year, Indus Towers’ shares have delivered impressive returns of 154%, with a 115% gain so far this year.