Telecom operator Bharti Airtel has increased its stake in Indus Towers by 1%, in large block deals as Vodafone PLC offloaded 19% equity in the company.

Vodafone, a UK-based mobile network operator (MNO) originally planned to sell 10% of its stake in Indus Towers, but due to high investor demand, it nearly doubled the number of shares it sold. As a result, Vodafone’s stake in Indus Towers decreased to just 3.1%.

At the end of the March quarter, Airtel owned a 47.95% stake in Indus. With the additional 1%, Bharti Airtel, has increased its stake to 48.95% and becomes the largest institutional stakeholder of Indus Towers.

“Accordingly, with the aforesaid approval of the Special Committee, the Company has acquired 26.95 million (i.e. 1%) equity shares of Indus Towers today on-market,” Airtel said in a filing.

Vodafone Idea, formed from the merger of Vodafone India and Idea Cellular, still holds a share in Indus Towers. Indus Towers also holds shares in Vodafone Idea as part of a deal where it received shares in exchange for unpaid dues related to tower tenancies.