Bharti Hexacom Gets Majority Shareholder Nod to Sell Mobile Towers to Sister Concern for ₹1,134 Cr

Bharti Hexacom has received approval from the majority shareholders at its 30th annual general meeting to sell mobile towers to its sister concern for ₹1,134 crore, according to a regulatory filing on Wednesday.

The Bharti Airtel group shared that its resolution "to approve material related party transactions with Indus Towers Limited, a related party" has been approved with 88.28% votes at the annual general meeting.

Sources said that state-run Telecom Consultants of India (TCIL), which holds a 15% stake in the company, had opposed the deal, citing valuation issues.

According to the postal ballot notice of Bharti Hexacom dated February 14, as cited in the AGM report, a deal to sell its tower to Indus Towers was agreed upon for ₹1,134.1 crore.

Bharti Hexacom received approval from the majority of shareholders on March 16 for the deal. The company, in an update on April 9, shared that TCIL had requested to start the process afresh as per its requirement.

The voting result published after the 30th AGM of the company on Wednesday to approve the proposal shows that the deal has been approved by a majority of shareholders.

However, around 2.5% of votes from public non-institution shareholders opposed the deal.