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Providence private equity to reportedly pick up 4.8 per cent stake in Indus Towers

October 28, 2016
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US-based private equity firm Providence is reportedly set to acquire 4.8 per cent direct stake in Indus Towers. This will be done through a swapping of its holding in Aditya Birla Telecom Limited (ABTL) with that in Indus towers.

Providence currently holds convertible preference shares in ABTL that give it beneficial stake of around 30 per cent in the latter.  The proposed deal is expected to be a cashless stock swap for Providence.

The development comes after the Aditya Birla Group announced that it was looking to restructure its telecom tower business.

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