Indus Towers shares surge 4% as promoter Airtel buys additional 5% stake

Shares of Indus Towers surged 3.7% to an intraday high of ₹396.95 on the BSE on Tuesday, November 4, after promoter Bharti Airtel received approval to increase its ownership in the tower infrastructure firm.

In a regulatory filing issued on Monday alongside its September quarter results, Bharti Airtel said that a special committee of directors, authorised by the board, has granted an enabling approval to acquire up to an additional 5% stake in Indus Towers over time. The company clarified that the stake purchase could be executed in one or more tranches.