Singapore Telecommunications (Singtel) subsidiary Bharti Airtel has, on Feb 25, entered into an agreement with Vodafone to acquire a 4.7% stake in Indus Towers.
According to the Indian telco, the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea Limited and simultaneously remitted to Indus Towers to clear Vodafone Idea’s outstanding dues.
The acquisition is said to be at an “attractive price representing a significant discount typically available for such large block transactions”. The price was not included in the filing on the Singapore Exchange (SGX) on Feb 25.
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