Bharti Airtel ready to buy Vodafone’s 4.7% stake in Indus Towers
new Delhi:
Telecom giant Bharti Airtel on Friday said it has signed an agreement to buy Vodafone’s 4.7 per cent stake in Indus Towers on the condition that the money be used to invest in Vodafone Idea and clear dues to the mobile tower company.
Debt-ridden Vodafone Idea (VIL) has been unable to pay Indus Towers dues, and both VIL and promoter Vodafone have proposed a payment plan to clear the dues by July 15.
Meanwhile, VIL has committed to pay a certain minimum amount every month to Indus Towers.
“Bharti Airtel … has entered into an agreement with Vodafone to buy 4.7% equity interest in Indus Towers, on the basic condition that the amount paid will be incorporated as new equity in Vodafone Idea Limited (VIL) and the same will be remitted to Indus Towers for clearing the dues of VIL,” Airtel said in a statement.
The Sunil Mittal-led firm said the purchase would be attractive, representing a significant discount typically available for such large block transactions.
“Furthermore, Airtel is also protected with a capped price which is less than the block price of Indus shares sold by Vodafone on February 24, 2022. This will be value addition for Airtel and its existing significant stake in Indus Towers. will protect the stake.
Airtel said, “Any such acquisition shall be made only if such proceeds are confirmed to be used by Vodafone as equity in VIL, in which the approval of any regulatory or shareholders is being fully obtained.” Ho.”
,