Indus Towers board to consider share buyback on July 30

Telecom infrastructure company Indus Towers said the board will consider and approve a proposal to buyback of fully paid-up equity shares, pushing its stock price up by 4.75% Friday.

"To consider and approve the proposal for buyback of fully paid-up equity shares of Rs. 10/- each of the Company, including matters related/ incidental thereto, (‘Buyback’). in accordance with the applicable provisions under the Companies Act, 2013, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws (if any)," the company said in an exchange filing late Thursday.

If approved, this will be the first time in eight years that the company would be conducting buyback of equity shares. It last happened in 2016, when it was called Bharti Infratel.


At the time, the company had allocated Rs 2,000 crore for buyback.

The July 30 board meeting will also consider and approve the unaudited financial results for the quarter ended June 30, 2024.

"We wish to inform that the trading window for dealing in shares of the Company shall remain closed for all Designated Persons and their immediate relatives of the Company till Thursday, August 01, 2024. The trading window shall be deemed to be closed in respect of the aforementioned Buyback proposal as well, in accordance with applicable laws," the company said.