Bharti Airtel spurts over 3.5% as it acquires Vodafone's ~4.7% equity stake in Indus Towers

29 Mar 2022 , 11:27 AM

Bharti Airtel Limited completes the acquisition of 127,105,179 equity shares, equalling ~4.7%, of Indus Towers Limited. The company has completed this acquisition at a price of Rs187.88 per share from Euro Pacific Securities Ltd., which is an affiliate of Vodafone Group Plc.

Bharti Airtel has made this acquisition through its wholly-owned subsidiary Nettle Infrastructure Investments Limited.

Bharti Airtel has informed investors of this transaction on February 25, 2022.

The total cost of this acquisition is Rs2,388 crore, the company said.

In February 2022, the Vodafone Group sold off a 2.4% stake in Indus Towers through a block deal for Rs1,442 crore. Vodafone Idea also approved raising Rs4,500 crore by issuing shares to its promoters Vodafone Inc and Aditya Birla group entities on a preferential basis.

At 11.30 AM, Bharti Airtel’s stock was trading 3.68% higher at Rs760 against its previous close of Rs733.05 on NSE. It touched an intraday high and low of Rs763 and Rs737 respectively, so far.