Indus Towers rises on inking pact to acquire 26% stake in Amplus Tungabhadra
Indus Towers is currently trading at Rs. 353.55, up by 3.65 points or 1.04% from its previous closing of Rs. 349.90 on the BSE.
The scrip opened at Rs. 353.10 and has touched a high and low of Rs. 354.60 and Rs. 352.20 respectively. So far 1640 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 460.70 on 02-Sep-2024 and a 52 week low of Rs. 206.85 on 13-Feb-2024.
Last one week high and low of the scrip stood at Rs. 366.20 and Rs. 334.10 respectively. The current market cap of the company is Rs. 92309.31 crore.
The promoters holding in the company stood at 50.00%, while Institutions and Non-Institutions held 43.91% and 6.09% respectively.
Indus Towers has entered into an agreement for acquisition of 26% of the equity share capital, on a fully diluted basis, in Amplus Tungabhadra, a special purpose vehicle (SPV), for the purpose of owning and operating a Captive Power Plant, in accordance with the regulatory requirement for captive power consumption under electricity laws. Cost of acquisition is around Rs 27 crore.
The company will consume 50 MW renewable energy from Solar PV power plant in compliance with regulatory requirement for captive power plants as per the provisions of Electricity Act, 2003 and Indian Electricity Rules, 2005. This acquisition aligns with the company’s renewable energy objectives, supporting the consumption of sustainable energy and advancing its Net Zero goals.
Indus Towers is a telecom tower infrastructure service provider that deploys, owns and manages telecom towers and communication structures, for various mobile operators.
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