
Bharti Airtel Ltd announced that its Special Committee of Directors has accorded approval for acquisition of up to an additional 5% stake in Indus Towers Ltd. With this move, the company is planning to consolidate its holding in the critical telecom infrastructure firm.
At around 12.04 PM, Bharti Airtel was trading 2.04% higher at ₹2,116.30 per piece, against the previous close of ₹2,074 on NSE.
Airtel informed in its filing with the exchanges that the authorisation allows the company to acquire the stake in one or more tranches over a period of time. This will depend on market conditions, liquidity, and price considerations, and in compliance with applicable laws.
The company said that considering the strategic importance of Indus Towers, it is essential for the company to continuously examine opportunities for consideration while keeping up with cash flow requirements for business capital expenditure and dividend payments, the company stated.
Indus Towers is among the largest telecom infrastructure providers and plays a pivotal role in supporting network expansion within the country.
Bharti Airtel posted a net profit of ₹6,791 Crore for the quarter, being 14.20% higher against the previous quarter.
The company registered a 5.4% sequential growth in its revenue for the quarter at ₹52,145 Crore. This was boosted by stable growth in its India mobile and enterprise businesses.
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