Indus Towers Limited has issued a public notice, published in Mint (English) and Hindustan (Hindi) on June 09, 2026, informing its shareholders about the mandatory transfer of equity shares to the Demat Account of the Investor Education and Protection Fund Authority (IEPFA). The notice was filed with BSE Limited and the National Stock Exchange of India Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was signed by Samridhi Rodhe, Company Secretary & Compliance Officer.

Regulatory Basis for Share Transfer

The transfer is mandated under Section 124(6) of the Companies Act, 2013, read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. As per these provisions, equity shares in respect of which dividends remain unpaid or unclaimed for a period of seven consecutive years or more must be compulsorily transferred to IEPF. The applicable period commences from the date of declaration of the 1st Interim Dividend for the financial year 2019-20.

Key Details of the Notice

The following table summarises the key parameters of the IEPF share transfer notice:

Shareholder Communication and Action Required

Indus Towers has stated that individual communications are being or will be sent to shareholders whose dividends have remained unpaid or unclaimed for seven consecutive years commencing from the date of declaration of the 1st Interim Dividend for the financial year 2019-20. Email communications are also being sent to shareholders whose email addresses are registered with the company. Shareholders who do not have their email addresses registered with the company are advised to visit the company's website to access the updated list of equity shares liable to be transferred to IEPF.

Shareholders are urged to take note of the following:

• Valid claims must be submitted on or before September 11, 2026 to prevent the transfer of shares to IEPF.
• The updated list of shareholders whose equity shares are liable to be transferred is available at https://www.industowers.com/investor/shares/ .
• Future dividends or benefits in respect of shares transferred to IEPF will also be credited to IEPF.
• No claim shall lie against the company in respect of dividends and shares transferred to IEPF.
• Shareholders may reclaim their shares and dividends from IEPF by filing Form IEPF-5 as per the applicable rules, available on the IEPF Authority's website at www.iepf.gov.in .

Registrar and Share Transfer Agent Contact

Shareholders with queries are directed to contact the company's Registrar and Share Transfer Agent, KFin Technologies Limited, at the following details:

The notice was issued from Gurugram and dated June 08, 2026, and signed by Samridhi Rodhe, Company Secretary & Compliance Officer, on behalf of Indus Towers Limited.

Indus Towers has been downgraded to a Sell rating by global brokerage UBS, which has set a target price of ₹395 for the stock. The downgrade reflects a range of concerns surrounding the company's near-term business environment and financial outlook, with UBS adopting a cautious stance on the broader telecom sector.

Key Concerns Driving the Downgrade

UBS outlined multiple factors behind its decision to move to a Sell recommendation on Indus Towers. The brokerage pointed to the risk of delayed tariff hikes in the telecom industry as a significant headwind that could weigh on the company's revenue trajectory. Additionally, UBS flagged the potential non-renewal of tenancies from operators other than Airtel and VIL as a concern that could affect the company's tower utilisation and rental income.

The following table summarises the key parameters of the UBS downgrade:

Valuation and Estimate Revisions

UBS also revised its financial estimates for Indus Towers downward, making cuts to both its EBITDA and DPS (dividend per share) projections. Despite the company offering a dividend yield in the range of 3–5%, the brokerage assessed this as insufficient to provide meaningful valuation support given the prevailing headwinds. Elevated capital expenditure needs were also highlighted as a factor that could constrain free cash flow generation and limit the attractiveness of the stock at current levels.

Broader Telecom Sector Caution

The downgrade is set against a backdrop of a cautious outlook on the Indian telecom sector more broadly. UBS's concerns around delayed tariff hikes reflect uncertainty over the pace of revenue recovery for telecom operators, which in turn has implications for tower companies such as Indus Towers that depend on operator spending and tenancy additions for growth. The potential non-renewal of tenancies from smaller or non-core operators adds a further layer of risk to the company's earnings visibility.