Bharmonti Airtel is set to acquire a majority 50.005% stake in Indus Towers upon completion of its share buyback process. If all necessary steps, including payments to eligible shareholders and the cancellation of equity shares, are completed within the timeline specified in the Letter of Offer, Bharti Airtel’s ownership in Indus Towers will increase to 50.005%. As a result, Indus Towers will become a subsidiary of Bharti Airtel under the Companies Act of 2013, according to a late-night exchange filing from the company.
Indus Towers further announced that on August 27, 2024, its board’s buyback committee approved the acceptance of 56.7 million equity shares, with a face value of ₹10 each, from eligible shareholders who participated in the buyback offer in accordance with the public announcement issued on July 31, 2024, and the Letter of Offer dated August 12, 2024.
Earlier this month, Indus Towers’ board had authorized the buyback of 56.7 million equity shares at a price of ₹465 per share, representing 2.107% of the company’s total shares, amounting to ₹2,640 crore. The buyback offer concluded on August 21, with August 9 set as the record date to determine eligible shareholders for the repurchase.
