New Delhi: Bharti Airtel on Monday said its board has approved the acquisition of a 5 per cent additional stake in its telecom infrastructure subsidiary Indus Towers.Bharti Airtel holds a 51.03 per cent stake in Indus Towers as of September 30.However, the company, in a filing, said that "acquisition doesn't fall within related party transaction(s)".
"A Special Committee of Directors...has granted an enabling approval for acquisition of up to 5 per cent additional stake in Indus Towers Limited, a subsidiary company, in one or more tranches over a period of time," Airtel said in the filing.Based on Indus Tower's Monday closing price of Rs 382.70 on BSE, the 5 per cent stake is worth over Rs 5,000 crore.
Airtel said that the acquisition will be subject to prevailing market conditions, including liquidity and price considerations, as well as compliance with applicable laws.Public shareholders, including mutual funds, Life Insurance Corporation of India, held a 48.93 per cent stake in Indus Towers as on September 30.
In December 2024, Vodafone sold its 3 per cent stake in Indus Towers for around Rs 2,800 crore and exited from the company.Indus Towers shares closed at Rs 382.7 per share on Monday.
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