Bharti Airtel is poised to become the single largest shareholder in telecom infrastructure company Indus Towers following the completion of a buyback initiated by the tower company on August 14.

Airtel, which previously held a 48.95% stake in Indus Towers, will now own over 50% of the company, making Indus Towers a subsidiary of the telecom giant.

Indus Towers commenced its buyback on August 14, purchasing shares at Rs 465 each, for a total of Rs 2,639.9 crore. This buyback included 56.7 million shares, representing approximately 2.1% of the total equity shares in the company’s paid-up share capital.

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Following the announcement, the share prices of both companies saw a rise. Indus Towers closed the day’s trading at Rs 444.45, up 1.61%, while Airtel’s stock increased by 2.21% to Rs 1,556.1.

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In June, British telecom major Vodafone sold an 18% stake in Indus Towers through block deals, raising Rs 15,300 crore. The proceeds were intended to repay Vodafone Group’s existing lenders, while Indus Towers was expected to receive less than Rs 4,250 crore, according to analysts.

As a result of this sale, Vodafone Group’s holding in Indus Towers decreased significantly from 21.5% to 3.1%.

For the quarter ended June 30, Indus Towers reported a 42% increase in consolidated profit, reaching Rs 1,925.9 crore, compared to Rs 1,347.9 crore in Q1 FY24.