Shares of Indus Towers traded 2.10% higher at Rs 390.80 on Tuesday, November 4, after promoter Bharti Airtel received board-level authorisation to potentially increase its stake in the tower infrastructure company. The stock opened firm and moved in the range of Rs 389.05 to Rs 397.25, compared to its previous close of Rs 382.75.
In its exchange filing on Monday, Bharti Airtel said a special committee of directors has granted an enabling approval to acquire up to an additional 5% stake in Indus Towers over time. The telecom major noted that the acquisition, if executed, could occur in one or more tranches and would be subject to market conditions, liquidity, pricing and regulatory requirements.
Bharti Airtel highlighted the strategic importance of Indus Towers and said the move aligns with its focus on evaluating opportunities to consolidate ownership while balancing capital expenditure and dividend commitments. As of the September quarter, Bharti Airtel held a 51.03% stake in the company.
Shares of the tower company also saw strong momentum this week following the Supreme Court clarification that allows the government to consider relief on Vodafone Idea’s AGR dues — a development analysts view as positive for Indus Towers given potential improvement in receivables and prospects of resuming dividend payouts.
As of 9:53 AM, Indus Towers’ market capitalisation stood at approximately Rs 1.03 lakh crore, with an average trading volume of 6.99 million shares.
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