Shares of Bharti Airtel were trading with gains of 0.42 per cent as of 10:30 am while Indus Towers shares were down 1.63 per cent. At the same time, Vodafone Idea was trading with losses of nearly 5 per cent, even as the benchmark indices were up 0.45 per cent.
Bharti Airtel is in talks to buy UK-based Vodafone Groups 21.05% stake in Indus Towers, which could potentially give Indias second ranked telco a controlling interest, said two people aware of the matter.
Vodafone Idea: Airtel is the biggest shareholder in Indus, with 47.95%; Vodafone Group has 21.05% and 30.97% is with the public, according to the tower company s latest filing with the BSE. A buyout of the Vodafone stake will boost Airtel s shareholding to 69%. Indus shares ended 2.9% higher at ₹359.65 on the BSE on Tuesday, giving it ₹96,923.41 crore market capitalisation.
The FPO is expected to be followed by a ₹25,000 crore debt issue, helping achieve Vi s targeted ₹45,000 crore fundraising drive aimed at regaining financial health and bolstering competition with bigger and profitable rivals Reliance Jio and Bharti Airtel.
Airtel is the biggest shareholder in Indus Towers, with a 47.95 percent stake. If it acquires Vodafone stake, Airtel s shareholding in the tower company will climb to 69 percent