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Motilal Oswal Report
Bharti Airtel Ltd. announced that it will acquire Vodafone Plc's 4.7% equity stake in Indus Towers Ltd.
Without disclosing the price, the management indicated that it will be at a 'significant discount'. Assuming Rs 200/share, this would imply Rs 25 billion of cost.
The acquisition will raise Bharti Airtel's stake to 46.4% at less than five times enterprise value/Ebitda on FY24E basis.
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