Stake Sale
Indus Towers now a Bharti Airtel subsidiary after Vodafone promoters exit co
This story was originally published at 11:23 IST on 23 December 2024
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MUMBAI – Indus Towers Ltd.'s board on Saturday terminated its shareholders' agreement with Bharti Airtel Ltd. and Vodafone group, with the shareholders of the UK-based company having exited the telecom infrastructure company earlier this month. Indus Towers is now a subsidiary of Bharti Airtel, which now holds a 50.005% stake in the company, according to an exchange filing late Saturday.
A group of ten companies, which are collectively being referred to as Vodafone shareholders in Indus Towers, divested their complete stake in the telecom infrastructure company on Dec. 5. These shareholders include Al-Amin Investments Ltd., Asian Telecommunication Investments (Mauritius) Ltd., Trans Crystal Ltd., Vodafone Telecommunications (India) Ltd., CCII (Mauritius) Inc., Euro Pacific Securities Ltd., Prime Metals Ltd., Mobilvest, Omega Telecom Holdings Pvt. Ltd., and Usha Martin Telematics Ltd.
Following the stake sale, Indus Towers' board approved amending the company's articles of association to reflect the changes made to the shareholders' agreement, subject to the approval of the shareholders. The key changes to the articles of association include removing all references to Vodafone shareholders and the removal of the rights and obligations between Bharti Airtel and Vodafone shareholders, Indus Towers said.
In a separate filing, Indus Towers had said it had received a letter on Dec. 20 from the ten Vodafone-linked entities for reclassification as 'public' shareholders of the company from being classified as 'promoter' of the company.
Indus Towers had reported a consolidated net profit of INR 22.24 billion for the September quarter on consolidated revenues of INR 74.65 billion. At 1113 IST, shares of Bharti Airtel were trading 1.5% higher at INR 1,601.25, while those of Indus Towers were down 0.2% at INR 336.60. Shares of Vodafone Idea were trading 1.4% higher at INR 7.50. End
Reported by Noopur Bhandiwad
Edited by Deepshikha Bhardwaj
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