Bharti Hexacom has received approval from the majority shareholders to sell its mobile towers to Indus Towers for Rs 1,134 crore. The resolution, classified as a material related-party transaction, was cleared at the company's 30th annual general meeting (AGM) with 88.28 percent of votes in favour, the company said in a regulatory filing on Wednesday.
Also Read: Bharti Hexacom to Revalue Telecom Towers Amid TCIL Objections
Majority Approval at AGM
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 percent votes at the annual general meeting.
Opposition from TCIL
However, the deal faced opposition from state-run Telecommunications Consultants India Ltd. (TCIL), which holds a 15 percent stake in Bharti Hexacom. TCIL raised concerns over the valuation of the assets, PTI reported, citing sources.
The transaction involves transferring tower assets to Indus Towers Limited, a related party within the Bharti Airtel group. According to the postal ballot notice dated February 14, the deal value was fixed at Rs 1,134.1 crore. Shareholder approval for the proposal was first obtained on March 16. The company, in an update on April 9, shared that TCIL had requested to start the process afresh as per its requirement.
Also Read: Bharti Hexacom Puts Infrastructure Business Sale to Indus Towers on Hold
Voting Results
The final voting results released after the AGM showed that while the proposal was passed with a majority, about 2.5 per cent of public non-institutional shareholders voted against the resolution.
