Indus Towers' Board has approved the buyback of 5.67 crore equity shares, raising Bharti Airtel's stake in the company to 50.005% from 48.95%.
This move makes Indus Towers a subsidiary of Airtel under the Companies Act, 2013. The buyback was conducted as per the public announcement on July 31 and the Letter of Offer dated August 12. In June, Vodafone sold an 18% stake in Indus Towers, and Airtel had earlier increased its stake by acquiring 2.69 crore shares.