CCI approves Bharti Airtel's stake increase in Indus Towers, clears CVC Capital's acquisition of Aavas Financiers
New Delhi: The Competition Commission of India (CCI) has approved Bharti Airtel's proposal to increase its stake in Indus Towers, following a buyback of shares by the telecom infrastructure company. Indus Towers, a passive telecom infrastructure provider, deploys, owns, and manages infrastructure for various mobile operators.
"The Commission approves an increase in the percentage shareholding of Bharti Airtel Ltd (Bharti Airtel) in Indus Towers Ltd (Indus Towers) to 50.005 per cent pursuant to buy back of shares by Indus Towers," CCI said in a release.
In August, Bharti Airtel announced that its stake in Indus Towers would exceed 50 percent after the completion of the ongoing Rs 2,640-crore share buyback scheme.
Indus Towers began the buyback of over 5.67 crore shares at Rs 465 per share on August 14, representing approximately 2.107 percent of the company’s total equity shares.
Bharti Airtel, currently a promoter of Indus Towers, holds a 50 percent stake in the company, according to exchange data.
In a separate release, CCI also approved Luxembourg-based CVC Capital Partners’ proposal to acquire financial services company Aavas Financiers.
Aavas Financiers, registered with the National Housing Bank, operates as a non-deposit-taking housing finance company, offering home loans, MSME business loans, and loans against property.
"The proposed transaction relates to the acquisition of shares and control by Aquilo House Pte Ltd (Acquirer) in Aavas Financiers (Target) pursuant to the share sale agreements executed amongst the Acquirer, the Target and certain existing promoters/promoter group of the target," the regulator stated.
Aquilo House is affiliated with private equity and investment advisory firm CVC Capital Partners Plc.
CCI also approved the mandatory open offer in accordance with the Securities and Exchange Board of India’s (Substantial Acquisition of Shares and Takeovers) rules.
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