Indus Towers to turn Airtel subsidiary after buyback of 5.6 crore equity shares; check details

Till the end of June 2024 quarter, Airtel, one of the promoter entities of Indus Towers, held a total stake of 48.95%. The share buyback exercise allowed the telco to increase its holding by around 2%.

"This is in reference to the buyback of upto 56,774,193 equity shares (representing ~2.107% of the total number of equity shares in the paid-up share capital) by Indus Towers Limited, a joint venture company in which the company currently holds 48.95% shareholding," Airtel stated in the exchange filing.

Stake crosses 50%

"We wish to inform you that 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% (i.e. ~50.005%) of its paid-up share capital, subject to completion of relevant activities within stipulated timelines for the said buyback," it added.

Consequently, Indus Towers will become a subsidiary of Bharti Airtel under the Companies Act, 2013, the filing further noted.

The announcement, made in the wee hours of August 28, is likely to keep Airtel's stock in focus during the early trading hours. The telco's scrip closed in the green on August 27, last trading 0.61% higher at ₹1,522.75 apiece on the National Stock Exchange (NSE).

Meanwhile, Indus Towers, which is also a listed entity, settled 1.08% higher at ₹437.95 per share on the NSE.