Indus Towers Rs 2,700 crore-share buyback bids open on Wednesday. Check details

Indus Towers, which announced its Rs 2,700 crore-share buyback earlier in July, has opened the bids for the same on Wednesday. The bidding will close on August 21.

Eligible shareholders can now bid for the buyback. The last date of completion of settlement of bids will be on or before August 28.

“In accordance with the Buyback Regulations, the Company has e-mailed the Letter of Offer today, i.e., August 13, 2024, to Eligible Shareholders holding Equity Shares of the Company as on August 09, 2024 (i.e. the Record Date),” stated the company filing to the exchanges.

Small shareholders are entitled to one equity share for every 4 shares held on the record date. The ratio of buyback entitlement for the general category shareholder is 5 equity shares for every 139 shares held on the record date.

Axis Capital is the manager to the buyback while KFin Technologies is the registrar to the same.This is the second instance of the company proceeding with a buyback. The last time when the company did so was in June 2016 when it was known as Bharti Infratel. The company had set aside Rs 2,000 crore for the buyback at a maximum price of Rs 450 per equity share.Indus Towers reported a 43% on-year jump in net profit to Rs 1,926 crore for its fiscal first quarter on the back of strong tower additions from Bharti Airtel’s 5G rollout and continued collection of past overdues from Vodafone Idea (Vi). Quarterly revenue grew 4.3% on year to Rs 7,383 crore in the April-June quarter.The shares of Indus Towers have given multibagger returns of 138.7% in the last one year and 100.4% in the current year so far.

The shares of Indus Towers were trading flat at Rs 406.70 around 1 pm on Wednesday.

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