Indus Towers becomes subsidiary of Bharti Airtel post share buyback

Indus Towers Ltd is set to become a subsidiary of Bharti Airtel Ltd following its share buyback. In a filing to stock exchanges, Indus Towers said the shareholding of Bharti Airtel, which has been one of the promoters, in the company would increase to 50.005 per cent from 48.95 per cent earlier.

The Indus Towers share buyback included up to 56,774,193 equity shares, representing 2.107 per cent of the total number of equity shares in the paid-up share capital. It ran from August 14 to August 21.

Indus Towers' buyback committee on August 27 approved the basis of acceptance of 5,67,74,193 equity shares of face value of Rs 10/- each, from the eligible shareholders, who tendered their shares for the buyback, as per the terms of and in the manner set out in the public announcement dated July 31, 2024, published on August 01, 2024, and the Letter of Offer dated August 12, 2024.

Consequently, Indus Towers Limited will become a subsidiary of Bharti Airtel Limited under the provisions of the Companies Act, 2013, Indus Towers said.

"We wish to inform you that subject to the completion of relevant activities for the buyback within the stipulated timeline prescribed under the letter of offer, the shareholding of Bharti Airtel Limited (one of the promoters of the Company) in the company will increase to ~50.005%. Consequently, Indus Towers Limited will become a subsidiary of Bharti Airtel Limited under the provisions of the Companies Act, 2013," it said.

In another filing, Bharti Airtel said: "We wish to inform you that in terms of communication dated August 27, 2024 issued by
Indus Towers, the shareholding of the company in Indus Towers will increase to more than 50% (i.e. ~50.005%) of its paid-up share capital, subject to completion of relevant activities within stipulated timelines for the said Buyback. Consequently, Indus Towers will become a subsidiary of the company under the Companies Act, 2013."