Indus Towers Limited has said that its Board has approved the buyback of 5.67 crore equity shares thereby making the shareholding of Bharti Airtel (one of the promoters of the company) in the company increase to around 50.005 per cent from 48.95 per cent earlier.

Consequently, Indus Towers Limited will become a subsidiary of Bharti Airtel under the provisions of the Companies Act, 2013, Indus Towers said in a filing to stock exchanges.

“In furtherance to our intimation dated August 13, 2024, regarding the buyback of equity shares of the company, this is to inform you that the Buyback Committee of the Board of Directors of the company...has approved the basis of acceptance of 5,67,74,193 equity shares of face value of ₹10 each, from the eligible shareholders who tendered their shares for the Buyback,” It said.

The development is as per the terms of and in the manner set out in the public announcement dated July 31, published on August 1 and the Letter of offer dated August 12, it said.

“We wish to inform you that subject to the completion of relevant activities for the Buyback within the stipulated timeline prescribed under the Letter of Offer, the shareholding of Bharti Airtel Limited in the company will increase to around 50.005 per cent,” It added.

In June, Vodafone had sold 484.7 million shares or an 18 per cent stake in Indus Towers for around ₹15,300 crore, through an accelerated book-build offering.

At that point in time, Bharti Airtel had increased its stake by acquiring 2.69 crore shares, representing a one per cent stake, in Indus Towers. The shares were acquired by Airtel at an average price of ₹320 apiece, taking the transaction value to ₹862.38 crore.

Indus Towers had reported a consolidated profit of ₹1,925.9 crore for the first quarter ended June 30, a 42 per cent increase year-on-year (YoY) as compared with ₹1,347.9 crore in the same period last year.

The consolidated revenue from operations also saw an increase of four per cent YoY to ₹7,439.4 crore, up from ₹7,132.4 crore in the corresponding quarter last year.

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