IDFC Alternatives, the private equity arm of IDFC Bank, has bought a 33 per cent stake in New Silk Route (NSR)-backed tower company Ascend Telecom Infrastructure Private Limited. IDFC Alternatives bought Ascend Telecom’s shares worth Rs 3.65 billion and convertible debentures worth Rs 2.2 billion. As part of the deal, IDFC Bank will also refinance Ascend Telecom’s loans of Rs 6.2 billion. IDFC Alternatives could further hike its stake in Ascend once NSR begins diluting its stake. NSR is looking to exit the company and has been in talks with potential buyers. Currently, Ascend has nearly 5,222 telecom towers and is present in all 22 telecom circles.