Indus Towers, a leading telecom tower company in India, is going to raise up to Rs 1500 crore via the issue of non-convertible debentures (NCDs). The company informed about the development to the stock exchanges in a late filing on Friday evening. The fund will be raised by the tower company in different tranches and on a private placement basis. In a filing, the company said that the board of directors had approved the offering of NCDs of a total of up to Rs 1,500 crore in three series on a private placement basis.
Indus Towers will use the money raised to fund its capex needs and for the company's growth. For Q2 FY23, the company reported a net profit of Rs 872 crore, down 44% YoY. One of the prime reasons why the quarterly profits for the tower company was down YoY was Vodafone Idea (Vi) not paying its dues.
N Kumar, Chairman and Independent Director of Indus Towers Limited, had said that Indus is excited and prepared to capitalise on the 5G opportunity. The rate at which the Indian telecom operators are trying to roll out 5G is definitely going to create a strong demand for services from Indus Towers.
