Indus Towers Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Awaiting price reaction for this filing.
Indus Towers received two declarations under SEBI's Takeover Code for FY2024-25. Bharti Airtel, the company's promoter, confirmed it did not create any encumbrance (pledge or lien) on its Indus Towers shares during the year. Separately, the group of Vodafone-linked promoter shareholders also confirmed no encumbrance was created, except one already disclosed on 4 September 2024. This second declaration is notable because these Vodafone entities have fully exited Indus Towers through on-market share sales on 19 June 2024 and 5 December 2024, along with the company's buyback on 27 August 2024. They now hold zero shares and are being reclassified from the 'promoter' category to the 'public' category.
This is a routine compliance filing, but it confirms the complete exit of the Vodafone group as promoters of Indus Towers. With Bharti Airtel remaining the sole promoter, the shareholder base is now simpler and ownership is more concentrated, which may reduce overhang concerns but also means less promoter diversity.