Bharti Airtel has entered into an agreement with British telecom giant Vodafone Plc to buy 4.7% equity in telecom infrastructure company Indus Towers Ltd.
The acquisition of 4.7% Vodafone stake in Indus Towers only if it is for infusion in Vodafone Idea and clearing tower company’s dues, the telecom operator said in a statement.
“Airtel has accordingly entered into an agreement with Vodafone on one 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,” the company said in a regulatory filing.
The block deal would be executed through Euro Pacific Securities, a Vodafone group entity that holds 7.59% stake in Indus Towers.
“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…