Shares of Indus Towers Ltd rallied 5% and hit a 52-week high of Rs 447.35 on 26 July after the Board of Directors of the company is set to meet on 30 July to consider and approve the share buyback plan. This will be the first buyback of the company after nearly eight years. 

In its regulatory filing, the company added, “To consider and approve the proposal for buyback of fully paid-up equity shares of Rs. 10/- each of the Company, including matters related/ incidental thereto, (‘Buyback’). in accordance with the applicable provisions under the Companies Act, 2013, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws (if any).” 

Indus Towers anticipates high capex intensity this financial year due to Bharti Airtel’s aggressive tower rollouts and Vodafone Idea’s expansion of 4G and 5G services. 

Bharti Airtel, holding a 48% stake in Indus Towers, acquired an additional 1% stake in June. Vodafone Plc sold an 18% stake in Indus for around Rs 15,300 crore in June. 

Vodafone Idea plans to deploy over 60,000 tenancies in the upcoming quarters, presenting a lucrative opportunity for the Indian tower industry.

The company has improved its execution capabilities in the past few years and helped Bharti Airtel widen its rural footprint. 

At 11:50 am, the shares of Indus Towers were trading 4.64% higher at Rs 444.55 on NSE.

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