Live
- Beyond the Data - Shreyas Mahimkar in pursuit of Innovation, passionate about learning
- Ravi Kiran Pagidi: Innovating in Cloud Data Solutions and Real-Time Processing
- 'Vere Level Office' Episode 4 Review: Fun, Emotions, and a Hint of Drama
- Durvas Jayaraman: Redefining Enterprise Software Architecture
- Breaking Boundaries in Microbiology and Business: Dr Saloni Sharma
- Two drown as Indian Navy speedboat rams into passenger ferry in Arabian Sea off Gateway of India
- RG Kar tragedy trial: Recording of statements by 50 witnesses completed
- New expressway links Lhasa with birthplace of Tibetan civilization
- 13 Dead as Ferry Capsizes Near Gateway of India; Over 100 Rescued
- PM Modi to Visit Kuwait for Two Days from December 21, First Indian PM Visit in 43 Years
Bharti Airtel to acquire Vodafone's 4.7% stake in Indus Tower
Bharti Airtel (File/Photo)
Bharti Airtel on Friday announced that it has entered into an agreement with Vodafone to buy 4.7 per cent equity interest in Indus Towers.
Bharti Airtel on Friday announced that it has entered into an agreement with Vodafone to buy 4.7 per cent equity interest in Indus Towers. The agreement is based 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.
The said acquisition purchase would be at an attractive price representing a significant discount typically available for such large block transactions.
The block deal will be executed through Euro Pacific Securities Ltd., an affiliate of Vodafone Group Plc.
In addition, Airtel is also protected with a capped price that is lower than the price for the block of Indus shares sold by Vodafone on February 24, 2022. This shall be value accretive to Airtel and protect its existing significant shareholding in Indus Towers.
Any such acquisition shall only be done when such proceeds are confirmed to be utilised by Vodafone to infuse as equity into VIL including any regulatory or shareholders' approval being fully obtained.
The company in a statement said, "We believe this transaction allows Airtel to secure continued strong provision of services from Indus Towers, protects and enhances Airtel's value in Indus Towers, enables it to receive rich dividends and as also paves the way for subsequent financial consolidation of Indus Towers in Airtel. We believe that this self-paying capital allocation serves multiple strategic purposes for Airtel."
Airtel remains committed to looking at opportunities for monetizing this vital asset at an appropriate time. In doing so it will ensure that the tower company has been stabilized and any new strategic or financial investor/s has the ability to continue to serve the critical needs of Airtel.
