Bharti Airtel Acquires 1% Equity Stake In Indus Towers | Markets News

The telecom service provider had received the directors’ approval for acquisition of up to 2.7 crore (27 million) equity shares in Indus Towers Limited. Before this deal, Bharti Airtel had 47.95 per cent equity stake in Indus Towers. Bharti Airtel stock was down around 1.21 per cent at Rs 1,411 during the day trade. (Also Read: SBI Board Approves Raising Rs 20,000 Crore For FY25 Via Long Term Bonds)

Meanwhile, Vodafone Group has reportedly sold as many as 53.3 crore shares in Indus Towers for Rs 17,065 crore. Reports earlier claimed Vodafone Group was looking to sell its entire $2.3 billion stake in Indus Towers through block deals.

As per reports, the Indus Towers block deal could be the second-largest in India following the ITC transaction earlier this year. According to Nuvama Institutional Equities, the stake sale is of significant size and, therefore, the float adjustment in passive indices should happen in the next few days. (Also Read: ‘Step Off The Board’: Gautam Singhania’s Reappointment As Raymond Managing Director Faces Strong Opposition)