Indus Towers launches share buyback: 56.77M shares at ₹465. Check opening and closing dates

Indus Towers Limited, a leading player in the Indian telecom infrastructure sector, will open its share buyback program on August 14, 2024. The initiative, which aims to buy back up to 56.77 million equity shares at a price of ₹465 per share, will close on August 21, 2024.

Indus Tower's share price was trading in red, down 1.25 per cent, at ₹410.70 on BSE at 12:55 p.m. on August 13. The company enjoys a market capitalisation of ₹1,10,681.06 crore. Indus Tower's stock price hit its 52-week high last on July 30, 2024, at ₹453.30.

This buyback represents approximately 2.107 per cent of the company's total equity shares, with a maximum expenditure of ₹2,640 Crore, excluding transaction costs. The process will follow the tender offer route in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018.

Eligible shareholders who held equity shares as of the record date, August 9, 2024, have been notified through electronic means. The details of the Letter of Offer and the Tender Form are also accessible on the company’s official website.

Samridhi Rodhe, Company Secretary and Compliance Officer of Indus Towers, stated, “This buyback aligns with our ongoing efforts to optimize returns to our shareholders and enhance the company’s earnings per share.”

Indus Towers reports increase in consolidated profit

Indus Towers reported a 42 per cent increase in consolidated profit for the first quarter that ended June 30, 2024, amounting to ₹1,925.9 Crore. This is a notable rise from the ₹1,347.9 crore reported during the same period last year, according to the company's latest regulatory filing. The consolidated revenue from operations also saw a modest increase of about 4 per cent, reaching ₹7,439.4 Crore, up from ₹7,132.4 crore in the corresponding quarter of the previous year.

During the same quarter, Vodafone Group Plc sold 17.98 per cent of its shareholding in Indus Towers through its indirect wholly-owned subsidiaries. Bharti Airtel Ltd. acquired approximately 27 million equity shares, representing 1 per cent of the company's equity share capital. Consequently, as of June 30, 2024, Bharti Airtel Ltd. held a 48.95 per cent stake, while Vodafone Group retained a 3.06 per cent share in the company. Despite the shareholding changes, Bharti Airtel Ltd. and Vodafone continue to serve as the promoters of Indus Towers.