Why will Indus Towers shares be in focus tomorrow after GoI’s stake raise in Vodafone Idea?

Shares of Indus Towers have risen for the last five trading sessions, and are likely to be in the limelight again on Tuesday, April 22, amid hopes that a stake increase by the Government of India (GoI) in beleaguered telecom player Vodafone Idea will likely help the company recover ₹500 crore in dues and also declare a dividend to reward its shareholders.

Indus Tower share price settled 3.07% higher on Monday, April 21, at ₹410 apiece after Vodafone Idea said today that GoI has increased its stake from 22.60% to 48.99% by converting a portion of the company’s spectrum payment dues into equity shares valued at ₹36,950 crore.