Bharti Airtel buys Vodafone’s 4.7 per cent stake in Indus Towers

Mumbai (Maharashtra): Bharti Airtel said on Tuesday it has acquired 4.7 per cent stake in Indus Towers from Euro Pacific Securities Ltd, an affiliate of Vodafone Group.

“Further to our intimations dated February 25, 2022, and March 25, 2022, we wish to submit that the Company, along with its wholly-owned subsidiary, Nettle Infrastructure Investments Limited, has acquired 127,105,179 equity shares (4.7 per cent) of Indus Towers Limited @ Rs 187.88 per share from Euro Pacific Securities Ltd, an affiliate of Vodafone Group Plc,” Bharti Airtel said in a regulatory filing to the stock exchanges.

Bharti Airtel is estimated to have paid around Rs 2,388 crore for the deal.

With 184,748 towers and 335,106 co-locations Indus Towers is one of the largest tower companies in the world.

Bharti Airtel had announced recently that it has entered into the deal with Vodafone to buy a stake in Indus Towers on the condition that the funds will be used by the UK-headquartered telecom operator as fresh equity in Vodafone Idea.

“Bharti Airtel has accordingly entered into an agreement with Vodafone to buy 4.7 per cent equity interest in Indus Towers on the principal condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea Limited (VIL) and simultaneously remitted to Indus Towers to clear VIL’s outstanding dues,” Bharti Airtel had said in a statement on February 25.