Bharti Airtel has entered into an agreement with Vodafone to buy 4.7% equity interest in Indus Towers on the principal condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea (VIL) and simultaneously remitted to Indus Towers to clear VIL’s outstanding dues. The said acquisition purchase would be at an attractive price representing a significant discount typically available for such large block transactions.
In addition, Airtel is also protected with a capped price which is lower than the price for the block of Indus shares sold by Vodafone on February 24, 2022. This shall be value accretive to Airtel and protect its existing significant shareholding in Indus Towers. Any such acquisition shall only be done when such proceeds are confirmed to be utilised by Vodafone to infuse as equity into VIL including any regulatory or shareholders’ approval being fully obtained.
Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.
