live bse livense live Volume Todays L/H More ×A Foreign Institutional Investor (FII) shareholder is likely to sell stake worth Rs 270 crore in Indus Towers tomorrow (May 21) via block deal, sources told CNBC Awaaz on May 20.
The block deal is likely of 80 lakh shares for a deal size of Rs 270 crore.
Indus Towers closed 1.11 percent higher at Rs 344.75 apiece on BSE on May 18 in special half-day trading session held.
In February 1, Indus Towers had registered a block deal worth Rs 5,229 crore with around 24.7 crore shares, representing a 9.2 percent stake in the company.
Moreover, Bharti Airtel on April 24 clarified that it is "not in any discussion" to buy Vodafone UK's stake in Indus Towers.
According to sources, Kotak Securities is the likely deal broker.
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A Foreign Institutional Investor (FII) shareholder is likely to sell stake worth Rs 270 crore in Indus Towers tomorrow (May 21) via block deal, sources told CNBC Awaaz on May 20.
The block deal is likely of 80 lakh shares for a deal size of Rs 270 crore. Indus Towers closed 1.11 percent higher at Rs 344.75 apiece on BSE on May 18 in special half-day trading session held.
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Stock market is closed today on account of the fifth voting phase for the Lok Sabha Election 2024 in Mumbai, marking the second holiday of the month. The closure is in line with the seven-phase election, as all six seats in the city are set for polling.
According to sources, Kotak Securities is the likely deal broker.
In February 1, Indus Towers had registered a block deal worth Rs 5,229 crore with around 24.7 crore shares, representing a 9.2 percent stake in the company.
While buyers and sellers in the transaction could not be immediately identified, US private equity firm KKR and Canadian pension fund Canada Pension Plan Investment Board (CPPIB) were reportedly eyeing a $465-million block deal in Indus Towers in a bid to exit the telecom tower company.
Moreover, Bharti Airtel on April 24 clarified that it is "not in any discussion" to buy Vodafone UK's stake in Indus Towers.
"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," said Airtel in a stock exchange filing.
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Last week, Bharti Airtel's managing director and chief executive Gopal Vittal raised the pitch for tariff hikes, stating that 'substantial tariff repair' was needed across the industry as the current level of tariffs was 'absurdly low'.
He said that multiple rounds of tariff hikes would be needed for average revenue per user, or ARPU, to reach Rs 300 from the current Rs 200. An ARPU of Rs 300 would still be among the lowest globally, he emphasized.
