On February 1, Indus Towers witnessed a significant block deal amounting to Rs 5,229 crore, involving approximately 24.7 crore shares, representing a 9.2 percent stake in the company. Post the block deal, shares of Indus Towers experienced a 1.2 percent decline, trading at Rs 219.40 on the NSE at 10:14 am.
While the specific buyers and sellers in this transaction were not immediately identified, a report on January 31 from Moneycontrol indicated that US private equity firm KKR and Canadian pension fund Canada Pension Plan Investment Board (CPPIB) were considering a $465-million block deal in Indus Towers as part of their exit strategy from the telecom tower company.
KKR was reportedly planning to divest its entire 4.85 percent stake in Indus Towers, held through its affiliate Silverview Portfolio Investments, for $323 million. Simultaneously, Canada Pension Fund was looking to sell a 2.14 percent stake for $142 million, reducing its stake in Indus Tower to just 0.5 percent after the completion of the deal.
This move follows Bharti Airtel’s divestment of a 10.3 percent stake in Indus Towers (previously Bharti Infratel) in 2017 to a consortium of investors, including CPPIB and KKR. The latter had previously made investments in Bharti Infratel from 2008 to 2015.
