Shares of Indus Towers Ltd. fell by 2% after touching a day’s high of Rs 418 on 13th August, following the company’s announcement of its share buyback program. The buyback, which will start on 14th August 2024, aims to repurchase up to 56.77 million equity shares at Rs 465 per share and will close on 21st August 2024.

The company’s Rs 2,640 crore share buyback will open on 14th August and close on 21st August.

Here is the timeline for this share buyback:

• Share buyback opens: 14th August, 2024

• Share buyback closes: 21st August, 2024

• Last date to receive completed tender forms and documents: 21st August 2024

• Last date for verification by the registrar: 27th August, 2024

• Last date for stock exchange intimation on acceptance or non-acceptance of shares: 27th August 2024

• Last date for settlement of bids by clearing corporation: 28th August 2024

• Last date for payment of consideration to eligible shareholders: 28th August 2024

• Last date for extinguishment of equity shares: 6th September, 2024

Last month, the company’s board approved a buyback of up to 5.67 crore shares, or 2.1% of the total equity, for Rs 2,640 crore.

This buyback will use the ‘tender offer’ method, repurchasing shares at a fixed price.

9th August 2024 was the record date for that share buyback.

This is Indus Towers’ first buyback in eight years; the last was in 2016, when the company was known as Bharti Infratel.

At 3:16 PM, the shares of Indus Towers Ltd. were trading 2.32% lower at Rs 406.25 on NSE.

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