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(26 Jul 2024, 15:28)

Indus Towers spurts on buyback plan

Indus Towers surged 4.70% to Rs 444.75 after the company said its board will consider a share buyback on Tuesday, 30 July 2024.

In its regulatory filing, the company added, "To consider and approve the proposal for buyback of fully paid-up equity shares of Rs. 10/- each of the Company, including matters related/ incidental thereto, ('Buyback'). in accordance with the applicable provisions under the Companies Act, 2013, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws (if any)."

Promoters currently hold a 52.01% stake in the company. In June 2024, Bharti Airtel increased its stake in Indus Towers from 48% to 49%, while Vodafone Plc sold its 18% stake in Indus Towers through a sale worth approximately Rs 15,300 crore.

Indus Towers is India's leading provider of passive telecom infrastructure and it deploys, owns and manages telecom to...

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