Indus Towers rings in gains after Bharti Airtel, SBI Mutual fund buy over 1% stake each

Vodafone Group Plc offloaded 48.47 crore shares, equivalent to an 18% stake in Indus Towers, through an accelerated book-building offering. (Photo: Reuters/ Facebook)

The shares of Indus Towers gained higher after SBI Mutual Fund and Bharti Airtel each acquired over a 1% stake via a block deal that happened on Tuesday. The stock gained 1.30%, reaching an intra-day high of Rs 339 on the NSE.

The British telecom operator raised Rs 15,300 crore from the sale, which will be utilized to substantially repay Vodafone’s existing lenders regarding the outstanding bank borrowings of €1.8 billion secured against Vodafone’s Indian assets.

Among the buyers, SBI Mutual Fund and Bharti Airtel emerged as key purchasers. SBI Mutual Fund acquired 3.6 crore shares, representing a 1.3% stake, at Rs 311.40 per share.

Totaling Rs 1,121 crore. Bharti Airtel acquired 2.7 crore shares, representing a 1% stake, at Rs 320 per share, amounting to Rs 864 crore. This purchase increases Bharti Airtel’s stake in Indus Towers to nearly 49%.

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Whereas in a significant transaction on the NSE, Vodafone Group Plc offloaded 48.47 crore shares, equivalent to an 18% stake, in Indus Towers through an accelerated book building offering.

Exchange data did not provide a full list of buyers, but market sources indicated that several large private equity firms were involved in the purchases. Media reports suggested that investment firms Stonepeak and I-Squared Capital had shown interest in acquiring the shares.

Prior to the stake sale, Vodafone held a 21.05% stake in Indus Towers, all of which were pledged. After the transaction, Vodafone retains 82.5 million shares, equivalent to a 3.1% shareholding in Indus Towers.

Initially, a term sheet released on Tuesday indicated that Vodafone intended to sell approximately 9.94% of its stake in Indus Towers. However, by Wednesday morning, the shares on offer were revised and scaled up due to higher demand from investors.

Share performance of Vodafone Idea in last one year

In terms of stock performance, Vodafone Idea faced a mixed bag of results. Over the past month, the stock has delivered a commendable 22.73% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 26.95%.

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Year-to-date figures continued in negative territory, depicting a decline of -2.18%. However, over the last twelve months, the stock has more than doubled, yielding returns of 124%, highlighting its resilience in the longer term.

Share performance of Indus Towers in last one year

In terms of stock performance, Indus Towers shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 1% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 87.07%, indicating a strong upward trend.

Year-to-date, Indus Towers shares have surged by 66.68%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 109.19% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.

Stocks performance of Bharti Airtel in last one year

In terms of stock performance, Bharti Airtel shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 3.02% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 42.55%, indicating a strong upward trend.

Year-to-date, Bharti Airtel shares have surged by 36.71%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 66.62% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.

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