New Delhi, Mar 25 (PTI) Telecom company Bharti Airtel will acquire a 4.7 per cent stake in Indus Towers from Vodafone Group for about Rs 2,388 crore, according to a company filing.

The transaction will be executed at a price of Rs 187.88 per share.

Also Read | Infinix Smart 6 Plus With 5,000mAh Battery Launched.

"...pursuant to the above referred agreement dated February 25, 2022 entered inter alia into between certain affiliates of Vodafone Group Plc (including Euro Pacific Securities), the company and Nettle, the transaction shall be executed at Rs 187.88 per share basis the agreed price formula in the agreement, aggregating to Rs 23,880.62 million," Airtel said in a regulatory filing.

This will be upon fulfillment of all conditions precedents as agreed by the parties under the agreement, it added.

Also Read | Google Reportedly Working on New Nest Hub With a Detachable Tablet.

Airtel said agreement pertained to acquisition of about 4.7 per cent equity in Indus Towers by the company and/or Nettle Infrastructure Investments, a wholly-owned subsidiary, from Vodafone Group affiliate, Euro Pacific Securities.

On February 25, Bharti Airtel had said it has signed an agreement to buy Vodafone's 4.7 per cent stake in Indus Towers on the condition that the proceeds will be used for investment in Vodafone Idea and clearing its dues towards the mobile tower company.

Indus Towers, formerly Bharti Infratel, provides passive telecom infrastructure. It deploys, owns and manages telecom towers and communication structures for various mobile operators.

The company's portfolio of over 1,84,748 telecom towers makes it one of the largest tower infrastructure providers in the country with presence in all 22 telecom circles.

Indus Towers caters to all wireless telecommunication service providers in India.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)