According to the bulk deal data available with the BSE, Artisan International Value Fund offloaded 3,33,46,663 shares, amounting to a 1.24 per cent stake in Indus Towers.
Through a separate deal, the Canada Pension Plan Investment Board (CPPIB) sold 57,669,394 shares, representing a 2% stake in the telecom tower infrastructure services provider at Rs 212.15 apiece, aggregating Rs 1,223 crore.
“The funding plan of the said customer (read: Vi) has not materialised till the current quarter, and the said customer has indicated challenges in making committed payments pertaining to outstanding amounts due as at December 31, 2022,” Indus Towers said.
The company reported strong tower additions and reduced finance costs, even though its key customer, Vodafone Idea (Vi) cited challenges in clearing its massive past dues. In a statement Wednesday, Indus managing director Prachur Sah said the tower company had recorded the highest quarterly tower additions in the companys history, outdoing the previous quarters performance on this metric.