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HomeTechAirtel to Acquire Vodafone’s 4.7 Percent Indus Towers, With a Condition

Airtel to Acquire Vodafone’s 4.7 Percent Indus Towers, With a Condition

Telecom operator Bharti Airtel on Friday stated it has signed an settlement to purchase Vodafone’s 4.7 p.c stake in Indus Towers on the situation that the proceeds might be used for funding in Vodafone Idea and clearing dues of the cellular tower firm.

Debt-ridden Vodafone Idea Limited (VIL) has been unable to pay dues of Indus Towers, and each VIL and promoter Vodafone have proposed a fee plan to clear the excellent quantity by July 15. In the meantime, VIL has dedicated to pay sure minimal quantity every month to Indus Towers.

Bharti Airtel has entered into an agreement with Vodafone to buy 4.7 percent equity interest in Indus Towers on the 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,” Airtel stated in a assertion.

The Sunil Mittal-led agency stated the acquisition can be at a gorgeous worth representing a important low cost sometimes out there for such giant 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 solely be carried out when such proceeds are confirmed to be utilised by Vodafone to infuse as fairness into VIL together with any regulatory or shareholders’ approval being absolutely obtained,” Airtel said.

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