Indus Towers Rs 2,640 Cr Share Buyback Begins On 14 Aug
The tower company will repurchase 56.7 million equity shares at a price of Rs 465 per share, representing 2.107 per cent of its total outstanding shares
Indus Towers has initiated a share buyback program valued at Rs 2,640 crore, offering shareholders an opportunity to tender their shares between 14 August and 21 August.
The tower company will repurchase 56.7 million equity shares at a price of Rs 465 per share, representing 2.107 per cent of its total outstanding shares. This comes as part of Indus Towers' strategy to distribute cash to shareholders in a tax-efficient manner, particularly as the company has not paid dividends over the past two years.
Eligible shareholders, identified based on their holdings as of the 9 August record date, have been notified through the company's Letter of Offer. However, Bharti Airtel, the largest stakeholder in Indus Towers, has chosen not to participate in this buyback.
The management of Indus Towers recently said it views this buyback as an ideal mechanism to distribute funds to shareholders while preserving reserves that could be utilized for future dividend payments. The decision underscores the company’s commitment to shareholder value, especially in light of its recent dividend history.
