Bharti Hexacom has received approval from the majority shareholders at its 30th annual general meeting to sell mobile towers to its sister concern for Rs 1,134 crore, according to a regulatory filing.
The Bharti Airtel group shared that its resolution “to approve material related party transactions with Indus Towers, a related party” has been approved with 88.28 per cent votes at the annual general meeting.
TCIL raises valuation concerns over tower deal
Sources said that state-run Telecom Consultants of India (TCIL), which holds a 15 per cent stake in the company, had opposed the deal, citing valuation issues.
According to the postal ballot notice of Bharti Hexacom dated February 14, as cited in the AGM report, a deal to sell its tower to Indus Towers was agreed upon for Rs 1,134.1 crore.
TCIL asks for fresh process in April update
Bharti Hexacom received approval from the majority of shareholders on March 16 for the deal. The company, in an update on April 9, shared that TCIL had requested to start the process afresh as per its requirement.
Majority shareholders clears tower sale at AGM
The voting result published after the 30th AGM of the company on Wednesday to approve the proposal shows that the deal has been approved by a majority of shareholders.
However, around 2.5 per cent of votes from public non-institution shareholders opposed the deal.