Competition Commission of India (CCI) has given its nod for ‘Bharti Airtel’s shareholding increase Indus Towers post latter’s recent buy back of equity shares. Post the transaction, Indus Towers has become a subsidiary of Bharti Airtel.
“CCI approves an increase in the percentage shareholding of Bharti Airtel in Indus Towers pursuant to buy back of shares by Indus Towers,” said a CCI’s social media post in platform “X”.
On account of ₹2,640 crore buy back issue, the shareholding of Bharti Airtel in Indus Towers had increased to more than 50 per cent (ie about 50.005 per cent). Prior to this, Bharti Airtel had 48.95 percent stake in Indus Towers.
Under the buyback programme, Indus Towers had repurchased 5.67 crore shares at ₹465 per share. This represented 2.107 per cent of total number of equity shares in the paid up capital of Indus Towers.
Indus Towers had in April-June 2024 reported a 42 per cent increase in consolidated net profit at ₹1,925.9 crore (₹1,347.90 crore).
British telecom giant Vodafone PLC had in June this year sold 48.5 crore shares (18 per cent stake) in Indus Towers in block deals, raising ₹15,300 crore. Post this stake sale, Vodafone’s shareholding in Indus Towers stood reduced to 3.1 percent.