CCI gives nod to Bharti Airtel to raise stake in Indus Towers
This story was originally published at 22:56 IST on 22 October 2024
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MUMBAI – The Competition Commission of India has given Bharti Airtel Ltd. the go-ahead to raise its stake in Indus Towers Ltd. to more than 50%, the commission said on its social media handle, X, formerly known as Twitter. This would make Indus Towers a subsidiary of Bharti Airtel, which is planning to buy an additional 2.1% stake in the mobile tower installation company.
The commission's approval follows a share buyback of 56.77 mln shares by Indus Towers at INR 465 per share in August. As of September, Bharti Airtel held 50% stake, or 1.32 billion shares, in Indus Towers.
In June, Vodafone Group Plc had sold 18% stake in Indus Towers through an accelerated book-build offering, reducing its stake in the latter to 3.1%. Vodafone Group had raised about INR 153 billion in gross proceeds from the stake sale. The same day, Bharti Airtel had purchased 1% stake in Indus Towers.
For the September quarter, Indus Towers posted a consolidated net profit of INR 22.24 billion on a revenue of INR 74.65 billion. The company announced results for the September quarter Tuesday after market hours. The stock closed 2.3% lower at INR 366.75 on the National Stock Exchange.
Bharti Airtel is yet to announce its September quarter earnings. For Apr-Jun, it posted a consolidated net profit of INR 41.60 billion on a revenue of INR 385.06 billion. Its shares ended largely unchanged at INR 1,692.25 on the NSE. End
Reported by Anjana Therese Antony
Edited by Ashish Shirke
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