6 hours Ago
Shares of Indus Towers are likely to be in focus on Wednesday after the Competition Commission of India (CCI) approved Bharti Airtel 's plan to increase its stake in Indus Towers, following the telecom infrastructure company's share buyback . "The Commission approves an increase in the percentage shareholding of Bharti Airtel Ltd (Bharti Airtel) in Indus Towers Ltd (Indus Towers) to 50.005% pursuant to buyback of shares by Indus Towers," CCI said in a release.
The buyback, which began on August 14, involves purchasing over 5.67 crore shares at Rs 465 each, representing approximately 2.107% of the total equity shares.
Currently, Bharti Airtel holds a 50% stake in Indus Towers, according to exchange data. The telecom infrastructure company reported a 71.7% year-on-year rise in consolidated net profit to Rs 2,224 crore for the September 2024 quarter.
Notably, Q2 FY25 included a write-back of Rs 1,077 crore in provisions for doubtful receivables, aided by collections against past overdue accounts. For the just-ended quarter, consolidated revenues stood at Rs 7,465 crore, 4.7% higher than in the same period last year.
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