Bharti Airtel:Shares of Airtel hit an intraday high of Rs 750.95.New Delhi: Telecom major Bharti Airtel on Tuesday said that it has acquired a 4.7 per cent stake in Indus Towers from U.K.’s Vodafone Group for around Rs 2,388 crore. “The company, along with its wholly-owned subsidiary, Nettle Infrastructure Investments Ltd, has acquired 127,105,179 equity shares (approximately 4.7 per cent) of Indus Towers Limited at Rs 187.88 per share from Euro Pacific Securities Ltd, an affiliate of Vodafone Group Plc,” Airtel stated in a regulatory filing today.Last month, Airtel had signed an agreement to buy Vodafone’s stake in Indus Towers on the principal condition that proceeds will be used for investment in Vodafone Idea (VIL) and clearing its outstanding dues towards the mobile tower company.Indus Towers, formerly Bharti Infratel, provides passive telecom infrastructure. It deploys, owns and manages telecom towers and communication structures for various mobile operators.The company’s portfolio of over 1,84,748 telecom towers makes it one of the largest tower infrastructure providers in the country, with a presence in all 22 telecom circles.Indus Towers caters to all wireless telecommunication service providers in India.Meanwhile, shares of the telecom operator surged as much as 2.13 per cent in early trade to Rs 748.95. The stock hit an intraday high of Rs 750.95.
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