Indus Towers Launches Share Buyback: 56.77 Million Shares at ₹465

Indus Towers Limited, a major player in India’s telecom infrastructure sector, will start its share buyback program on August 14, 2024. The company plans to repurchase up to 56.77 million shares at ₹465 each, with the buyback closing on August 21, 2024.

As of 12:55 p.m. on August 13, Indus Towers’ share price was down 1.25% to ₹410.70 on the BSE. The company has a market value of ₹1,10,681.06 crore, and its stock recently hit a 52-week high of ₹453.30 on July 30, 2024.

The buyback will account for about 2.107% of Indus Towers’ total equity shares, with the company set to spend up to ₹2,640 crore, not including transaction costs. The buyback will be conducted through the tender offer method, in line with the Securities and Exchange Board of India’s 2018 regulations on buybacks.

Shareholders who owned equity shares as of the record date, August 9, 2024, have been informed via email. The Letter of Offer and Tender Form can also be found on the company’s official website.

Samridhi Rodhe, Company Secretary and Compliance Officer of Indus Towers, stated, “This buyback aligns with our ongoing efforts to optimize returns to our shareholders and enhance the company’s earnings per share.”

Financial Highlights

Indus Towers reported a 42% increase in consolidated profit for the first quarter ending June 30, 2024, reaching ₹1,925.9 crore. This is up from ₹1,347.9 crore during the same period last year, as stated in the company’s latest regulatory filing. Additionally, consolidated revenue from operations rose by around 4%, totalling ₹7,439.4 crore, compared to ₹7,132.4 crore in the same quarter of the previous year.

About Indus Towers Limited

Indus Towers is a leading provider of tower and related infrastructure-sharing services in India. As one of the largest telecom tower companies in the country, it offers its towers primarily to wireless telecom service providers under long-term contracts. These providers share the towers, allowing for more efficient use of the infrastructure.

On August 14, 2024, Indus Towers Limited’s share price opened at ₹408.00, touching the day’s low at ₹402.80, as of 11:14 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.