Bharti Airtel to own over 50% stake in Indus Towers after share buyback

Mobile tower installation company, Indus Tower Ltd., is now officially a subsidiary of Bharti Airtel Ltd. This development follows the recent buyback of shares.

Bharti Airtel will hold over 50% of the stake in Indus Towers after completion of the ongoing Rs 2,640-crore share buyback scheme of the telecom infrastructure firm, according to a regulatory filing.

Telecom infrastructure major Indus Towers commenced the buyback of over 5.67 crore shares at Rs 465 apiece on August 14, representing about 2.107% of total equity shares in the company's paid-up share capital.

"... In terms of communication dated August 27, 2024 issued by Indus Towers, the shareholding of the company in Indus Towers will increase to more than 50 per cent (i.e. about 50.005 per cent) of its paid-up share capital, subject to completion of relevant activities within stipulated timelines for the said Buyback," Bharti Airtel said in a regulatory filing.

With the completion of this buyback process, Bharti Airtel Ltd. has successfully acquired a majority stake in Indus Tower, cementing its position as a key player in the telecommunications infrastructure sector.

Indus Towers has set August 28 as the last date for the completion of the settlement of bids by the BSE.