Bharti Airtel Ltd on March 29 said it, along with its unit Nettle Infrastructure Investments Ltd, bought 12.71 crore shares of Indus Towers Ltd from Euro Pacific Securities Ltd, an affiliate of UK’s Vodafone Group Plc for Rs 2,388.05 crore.
The firm acquired a 4.7 percent stake in Indus Towers at Rs 187.88 a share, it told exchanges. This deal was on the condition that funds be used by Vodafone as fresh equity in Vodafone Idea and simultaneously remitted to Indus to clear outstanding dues.
Formerly Bharti Infratel, Indus Towers is one of the largest tower infrastructure provider in the country that owns and manages telecom towers as well as communication structures for mobile operators.
Recently, Bharti Airtel has prepaid Rs 8,815 crore of the spectrum dues to cut down on interest expenses. This was the second such prepayment by Airtel in the last three months.