M&A

M&A

Airtel to acquire Vodafone's 4.7% stake in Indus Towers for R 2,388-Cr

BSE Disclosure,   BSE Disclosure  

Bharti Airtel (“Airtel”) is to acquire Vodafone's 4.7% equity interest in fellow publicly Indus Towers. The deal includes as a principal condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea Limited (VIL) and simultaneously remitted to Indus Towers to clear VIL's outstanding dues. The transaction shall be executed at INR 187.88 per share basis the agreed price formula in the Agreement, aggregating to INR 2,388 crore, upon fulfilment of all conditions precedents as agreed by the parties under the Agreement. Airtel along with its 100% subsidiary Nettle Infrastructure Investments Limited currently hold a 41.73% shareholding in Indus Towers.