24 Apr , 2024 By : Debdeep Gupta
Telecom major Bharti Airtel on April 24 clarified that it is "not in any discussion" to buy Vodafone UK's stake in Indus Towers.
"The Company has no desire to raise its stake beyond what is required for financial consolidation of Indus in the Company, which shall be done as and when appropriate with compliance of applicable disclosure requirements," said Airtel in a stock exchange filing.
Bharti Airtel is in talks to buy UK-based Vodafone Group's 21.05% stake in Indus Towers, potentially giving it a controlling stake, the Economic Times newspaper reported earlier on April 24.
If the deal fructifies, the British carrier could infuse some of the proceeds into Vodafone Idea, the report said, citing unnamed sources.
Billionaire Sunil Mittal-led Airtel is Indus' largest shareholder with a 47.95% stake.
"Indus is a provider of critical infrastructure services to the telecom industry and Airtel relies heavily on it. Airtel will therefore always ensure that Indus remains in robust health and financially stable," said Airtel.
Airtel is looking for a valuation of Rs rupees per share - the level at which US private equity fund KKR and Canadian pension fund Canada Pension Plan Investment Board sold shares in Indus in February, the newspaper reported.
Earlier this month, Vodafone Idea raised Rs 2,075 crore as part of a larger equity funding from Aditya Birla Group entity Oriana Investments via preferential shares.
It plans to raise Rs 20,000 crore through equity and Rs 25,000 crore via debt, it said in February, to roll out its 5G network service and expand its 4G coverage.
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