Bharti Airtel has announced that its board has approved the acquisition of an additional 5 per cent stake in Indus Towers. Airtel currently holds a 51.03 per cent stake in Indus Towers as of September 30.
Based on Indus Towers’ closing price of Rs 382.70 on the Bombay Stock Exchange (BSE), the proposed 5 per cent stake is valued at over Rs 50 billion.
Further, Airtel stated that the planned acquisition will be subject to prevailing market conditions, including liquidity and pricing factors, and must comply with all applicable regulatory requirements. Meanwhile, public shareholders including mutual funds and the Life Insurance Corporation of India held 48.93 per cent of Indus Towers as on September 30.
