Sunil Bharti Mittal-led Bharti Airtel has acquired an additional 1% stake in Indus Towers. This acquisition comes shortly after reports indicated that the UK-based Vodafone Group had sold approximately 20% of its shareholding in the towers company.

The telecom provider revealed that it had purchased 2.695 crore shares of Indus Towers “on-market” in an exchange filing. The board approved Bharti Airtel’s purchase of up to 2.7 crore shares.

As of right now, the business owns 47.95% of Indus Towers. Following today’s acquisition, Bharti Airtel ownership will be 48.95% of Indus Towers.

In a block auction today, Vodafone Group sold 20% of Indus Towers for an average of Rs 312 per share. The pairing of stock comes as Vodafone is looking to streamline its financials. 

Earlier in 2022, Vodafone Group had announced its plans to sell its 28% stake in the tower company with an aim to reduce its $42.17 billion net debt. 

A private equity business called I Squared Capital and an alternative investment entity called Stonepeak were reportedly among the bidders for Vodafone’s stake in the cell tower operator.

Following the block deal, the shares of Indus Towers slumped 10% to reach an intraday low of Rs 311.40 on NSE.