Vodafone sells 18% stake in Indus Towers for ₹15,300 crore
The Hindu
British telecom player Vodafone on June 19 said it has sold an 18% stake in Indus Towers for €1.7 billion (about ₹15,300 crore).
British telecom player Vodafone on June 19 said it has sold an 18% stake in Indus Towers for €1.7 billion (about ₹15,300 crore).
Meanwhile, Bharti Airtel has increased its stake by acquiring 2.69 crore shares, representing a 1% stake, in Indus Towers.
The shares were acquired by Airtel at an average price of ₹320 apiece, taking the transaction value to ₹862.38 crore, as per the bulk deal data.
Indus Towers is India's largest mobile tower installation company.
The company will use the major portion of the proceeds to pay €1.8 billion outstanding bank borrowings taken against Vodafone's assets in India.
"Vodafone Group Plc...sold 484.7 million shares in Indus Towers Limited, representing 18 per cent of Indus' share capital through an accelerated book-build offering.
"The placing raised Rs 153.0 billion (1.7 billion euro) in gross proceeds, which will be used to substantially repay Vodafone's existing lenders in relation to the outstanding bank borrowings of 1.8 billion euro secured against Vodafone's Indian assets," Vodafone said in a note.
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