Bharti Hexacom up 5% after TCIL asks to start fresh process for tower sale

Telecommunications Consultants India Limited (TCIL), a significant shareholder of Bharti Hexacom, requested the company to start a fresh process, for the sale of its infra business to Indus Towers

Bharti Hexacom shares rose 5.5 per cent on Friday, April 11, 2025, logging an intraday high at ₹1,512 per share on BSE. The upmove in the stock came after Telecommunications Consultants India Limited (TCIL), a significant shareholder of Bharti Hexacom, requested the company to start a fresh process for the sale of its infrastructure business to Indus Towers.

 

"The management and the board of Bharti Hexacom remain convinced about the business logic and merit of the proposal, however, in keeping with the highest standards of corporate governance and transparency, it has been agreed to put the current proposal in abeyance and undertake a fresh exercise in consultation with TCIL," the filing read. 

 

Around 9:55 AM, Bharti Hexacom share price was up 3.74 per cent at ₹1,486.6 per share on BSE. In comparison, the BSE Sensex was up 1.9 per cent at 75,251.72. The market capitalisation of the company stood at ₹74,330 crore. The 52-week high of the stock was at ₹1,606.2 per share and the 52-week low was at ₹755.2 per share.   READ | Muthoot Finance slips 14% in 2 days on RBI's new rules for gold loans

 

On February 6, upon recommendations of the Audit Committee, the company's board approved sale/ transfer of around 3,400 Telecom Towers of the company to Indus Towers, by way of a slump sale. It was said that the transfer shall be undertaken basis of fair valuation conducted by the Independent Valuer and shall not exceed ₹1134.1 crore. 

 

The transfer was aimed at creating benefits from group-wide synergies of operations, enable sharper focus on tower assets, and better administration of tower business operations within the Group. 

 

The postal ballot seeking approval of members for transfer was passed with requisite majority on March 16, 2025, wherein 99.99 per cent of participating public shareholders approved the proposal.  READ | Tata Steel share price jumps 6% in trade; What's boosting surge in stock?

 

"Postal Ballot seeking approval of members for 'Material Related Party Transaction for sale/ transfer of Passive Infrastructure Business Undertaking comprising mobile/ wireless communication towers and related infrastructure, by the Company to Indus Towers Limited. It may be noted that the said proposal was passed with requisite majority on March 16, 2025 wherein 99.99 per cent of participating public shareholders approved the proposal," the filing read.

 

In the past one year, Bharti Hexacom shares have gained 76 per cent as compared to Sensex's fall of 0.53 per cent.