Bharti Airtel has announced its plan to buy 4.7 per cent stake in Indus Towers from Vodafone Group Plc at Rs 187.88 per share, aggregating to Rs 23.88 billion.
The deal may be subjected to fulfillment of conditions that the proceeds are used by the group to clear dues to the tower provider. The block deal would be executed through Euro Pacific Securities, a Vodafone group entity that holds 7.59 per cent stake in Indus Towers.
Earlier, in February 2022, Airtel had entered into an agreement with Vodafone Group on the condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea Limited (Vi) and simultaneously remitted to Indus Towers to clear Vi’s outstanding dues.
As of now, Vodafone holds about 28 per cent in Indus Towers while that of Bharti Airtel is close to 42 per cent.
Image Credits : TelecomTalk
