Shares of tower infrastructure provider Indus Towers gained over 3% on Tuesday, November 4, after its promoter, Bharti Airtel approved increasing stake in the company.

In an exchange filing on Monday, alongside its September quarter results, Bharti Airtel announced that a special committee of directors, authorized by the board, has granted an enabling approval to acquire up to 5% additional stake in Indus Towers, over a period of time.

Bharti Airtel could increase its stake in Indus Towers in one or more tranches.

"Given its strategic importance, it is prudent for the parent company, Bharti Airtel, to continuously evaluate opportunities of consolidating its stake in Indus Towers, while maintaining its cash flow requirements for business capital expenditures and dividend payments," Bhart

See Full Page