Bharti Hexacom shares rise on pausing deal to sell towers to Indus Towers

The sale has been put on hold after Telecommunications Consultants India Limited, a public sector undertaking and a shareholder of Bharti Hexacom, requested the company to start a fresh process, which meets the requirements of TCIL as a Public Sector Undertaking.

“The management and the Board of Bharti Hexacom remain convinced about the business logic and merit of the proposal, however in keeping with the highest standards of corporate governance and transparency, it has been agreed to put the current proposal in abeyance and undertake a fresh exercise in consultation with TCIL. Any further development in this regard will be duly informed to all the stakeholders,” the company said in an exchange filing.

In February, Indus Towers announced plans to acquire 16,100 telecom towers from Bharti Airtel and Bharti Hexacom in a deal valued at ₹3,309 crore, with completion targeted by March 31.

On Wednesday, Indus confirmed that it has successfully executed the transaction, acquiring the passive infrastructure business from Bharti Airtel.

As part of the agreement, Airtel was to sell 12,700 towers, while Bharti Hexacom would contribute 3,400 towers. Indus noted that the acquisition aligns with its core business strategy, enhances its market share, and supports its long-term growth objectives.

In quarter ended December 2024, Bharti Hexacom reported net profit of ₹26 crore on revenue of ₹225 crore.

As of 9:33 am, Bharti Hexacom shares traded 2.27% higher at ₹1,465.65, outperforming the BSE200 index which was up 1.57%.