“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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On Tuesday, shares of the company dropped 1% to settle at Rs 370. The stock has surged 83% in 2024 so far and has delivered 108% returns to investors over the past year.
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