Indus Towers gains 4% after CLSA upgrade to 'buy' on Voda Idea FPO

As per industry estimates, Vodafone Idea's dues to Indus Towers at about Rs 7,000 crore. The brokerage also notes that Vodafone Idea’s past dues settlement of Rs 5,700 Cr "could be worth an incremental Rs 21 per share."

Moneycontrol News

April 23, 2024 / 10:11 IST

Although Indus Stock is up 150 percent in the last 12 month, CLSA noted that the company is still trading at a 60 percent discount to its global peers.

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Indus Towers stock gained nearly 4 percent at the open on the NSE on April 23 after brokerage firm CLSA upgraded it to 'buy' and raised the target price to Rs 450 from Rs 335 per share. At 9:20am, the stock was trading at Rs 362.90.

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According to the brokerage, Indus Towers could be a key beneficiary of Vodafone Idea’s fundraising and planned addition of around 48,000 sites for 4G and 5G technology. The brokerage has upgraded the CY2025 and CY2026 forecasts for the company, factoring in the 24,000 additional tenancies which will also boost the CY26 EBITDA growth to 10 percent on-year.

As per industry estimates, Vodafone Idea's dues to Indus Towers stand at Rs 7,000 crore. The brokerage also notes that Vodafone Idea’s past dues settlement of Rs 5,700 crore could be worth an incremental Rs 21 per share.

On the final day, Vodafone Idea's follow-on public offer (FPO) was subscribed 6.36 times, with investors bidding for 8,011.80 crore equity shares, subscription data from exchanges showed. Through the FPO, the telecom operator has offered 1,260 crore shares valued at Rs 18,000 crore. This move is part of the company's strategy to mop up Rs 45,000 crore through a combination of debt and equity as a means to square off its debt.