Indus Towers surges 13% after govt’s order on Vodafone, Airtel stake buy

Bharti Airtel has bought an additional 23.01 percent stake in Indus Towers from its subsidiary Nettle Infrastructure Investments, raising shareholding to 47.95 percent from 24.94 percent earlier.

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Indus Towers shares climbed 13 percent on February 6 after the government asked Vodafone to convert adjusted gross revenue (AGR) dues into equity shares and Bharti Airtel bought shares from its subsidiary in the tower company.

It was the second largest gainer in the futures & options segment, trading with 13.3 percent gains at Rs 163 on the NSE, at 15:22 hours IST.

Last Friday, the government asked telecom operator Vodafone India to convert AGR dues into equity shares, raising some hope for the mobile tower installation company to get payments from the government.

“Government of India has, in line with the Reforms and Support Package for Telecom Sector communicated earlier, directed Vodafone Idea to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR dues into equity shares to be issued to the Government of India,” Vodafone Idea said in its filing to the exchanges. The total amount to be converted into equity shares is Rs 16,133,18 crore.