Bharti Airtel on Wednesday said it had acquired a 1 per cent equity stake in telecom infrastructure firm Indus Towers, after Vodafone Group offloaded almost 20 per cent of its shareholding in the company. The company had bought 2.695 crore shares of Indus Towers through on-market transactions, according to a filing with the stock exchange.
Before this acquisition, Bharti Airtel had 47.95 per cent stake in Indus Towers. The telecom services provider had got approval from its directors for the acquisition of up to 2.7 crore equity shares in Indus Towers Limited, the company said in a regulatory filing.
In intraday trade today, Bharti Airtel's scrip fell around 1.21 per cent to end at Rs 1,411.
Some reports say that Vodafone Group offloaded 53.3 crore shares of Indus Towers for Rs 17,065 crore. Earlier reports said Vodafone Group plans to offload its fully diluted stake in Indus Towers for USD 2.3 billion via block deals. The mutual Indus Towers block deal can be counted as one of the largest in India, next only to the ITC transaction made during the beginning of this year.
Nuvama Institutional Equities said noting the large size of the stake sale, the adjustment of passive indices float could happen over the next few days.
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