Shares of telecom infrastructure company Indus Towers rose by 5% in early trade on July 26, following the announcement that the company’s board will consider a proposal for a share buyback.
The proposal, set to be discussed on July 30, marks the first buyback being considered by Indus Towers in nearly eight years.
The company stated that the board will review and potentially approve the buyback of fully paid-up equity shares valued at Rs. 10 each. This move will be in accordance with the Companies Act, 2013, and the Securities and Exchange Board of India’s (SEBI) regulations on the buyback of securities.
Indus Towers has seen significant growth in its stock value, with shares more than doubling on a year-to-date basis and increasing by 150% over the past year. As of 10:45 AM, the shares were trading 3.71% higher at ₹440.60 on the NSE.
