Bharti Airtel Ltd. is looking to raise its stake in Indus Towers Ltd. by at least 3% as Vodafone Plc.
The U.K.-based telecom company had reduced its investment in Vodafone Idea to nil in May 2023.
While no single shareholder has controlling stake in Indus Towers, Bharti Airtel is the single largest shareholder with 47.95% stake as on March 2024.
For 3% stake, Bharti Airtel will have to shell out over Rs 2,900 crore at the current valuation.
Shares of Indus Towers have rallied nearly 24% in the last one month and are up nearly 2% in the last five sessions.
Bharti Airtel Ltd. is looking to raise its stake in Indus Towers Ltd. by at least 3% as Vodafone Plc. looks to pare stake in the tower giant. Vodafone may also plough back some of the stake sale proceeds in Vodafone Idea Ltd., giving a boost to the cash strapped telecom company, according to people familiar with the matter.
The U.K.-based telecom company had reduced its investment in Vodafone Idea to nil in May 2023.
Emailed queries sent to Vodafone remained unanswered.
While no single shareholder has controlling stake in Indus Towers, Bharti Airtel is the single largest shareholder with 47.95% stake as on March 2024.
"The company has no desire to raise its stake beyond what is required for financial consolidation of Indus in the company, which shall be done as and when appropriate with compliance of applicable disclosure requirements," it said in an exchange filing.
Vodafone holds 17.98% stake in the tower giant valued at Rs 17,431.55 crore based on last closing price.
For 3% stake, Bharti Airtel will have to shell out over Rs 2,900 crore at the current valuation. Shares of Indus Towers have rallied nearly 24% in the last one month and are up nearly 2% in the last five sessions.
