Indus Towers share price will be in focus on Friday after acquisition of Bharti Airtel, Bharti Hexacom assets worth ₹3,308 crore.
Telecom infrastructure firm Indus Towers on Thursday announced the acquisition of mobile sites of its parent firm Bharti Airtel and sister concern Bharti Hexacom for ₹3,308.7 crore, by way of slump sale.
The boards of Bharti Airtel and Bharti Hexacom have also approved the sale of telecom towers for ₹2,147.6 crore and ₹1,134 crore respectively.
“The Board of Directors…have today, approved the acquisition of passive infrastructure assets/ telecom towers from Bharti Airtel Limited and Bharti Hexacom Limited, by way of slump sale,” Indus Towers said in a regulatory filing.
Indus Towers is the country’s largest telecom infrastructure company with 234,643 towers and 386,819 co-locations as on December 31, 2024. The company plans to acquire an aggregate of approximately 16,100 telecom towers through the proposed transaction.
“The aggregate cost of acquisition will be up to a maximum of ₹33,087 million subject to the closing adjustments as agreed between the parties,” Indus said.
Indus will finance the deal through borrowings, it added.
Approval from Bharti Airtel, Bharti Hexacom Board
Meanwhile Bharti Airtel said that its board has approved sale or transfer of around 12,700 telecom towers of the company comprising macro sites, ultra lean sites (ULS) and Cell on Wheels (COW) and excludes sites under Universal Service Obligation Fund (USOF) to Indus Towers.
The board of Bharti Hexacom has approved transfer or sale of 3,400 telecom towers to Indus Towers for about ₹1,134 crore.
The deal excludes transfer of sites installed under Universal Service Obligation Fund (USOF) projects.
Both Indus Towers and Bharti Hexacom are subsidiaries of Bharti Airtel.
On Thursday, Indus Towers shares ended 0.49% lower at ₹355.95 apiece on the BSE.
