Indus Towers to Become Bharti Airtel Subsidiary
Share Buyback Approved
The board of Indus Towers has approved a buyback of 567 crore shares, a move that will result in Bharti Airtel holding a majority stake in the telecom tower company.
Post-Buyback Ownership
After the buyback is completed, Bharti Airtel will hold a 50.05% stake in Indus Towers, making it a subsidiary of the telecom giant.
Background: Indus Towers and Bharti Airtel
Indus Towers is a leading telecom infrastructure provider in India, with a vast network of towers across the country.
Bharti Airtel is a leading telecommunications company in India, providing mobile, broadband, and other services.
Impact on Bharti Airtel Shares
The announcement of the buyback has positively impacted the share price of Bharti Airtel, with shares trading up 237 points on the BSE.
Conclusion
The buyback of shares by Indus Towers is a strategic move that will result in Bharti Airtel becoming the majority owner of the tower company. This transaction will strengthen Bharti Airtel's position in the Indian telecom market.
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