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Vodafone Sells 18% Indus Towers Stake for €1.7 Billion
19 Jun 2024 5:46 PM IST
Highlights
British telecom company Vodafone sold an 18% stake in Indus Towers for €1.7 billion. Most of the proceeds will be used to repay €1.8 billion outstanding bank borrowings secured against its Indian assets. Post-transaction, Vodafone retains a 3.1% share in Indus Towers.
British telecom giant Vodafone announced on Wednesday its sale of an 18% stake in Indus Towers, netting €1.7 billion (approximately Rs 15,300 crore). This major financial move is aimed at addressing the company's substantial bank borrowings, particularly the €1.8 billion debt secured against Vodafone's assets in India.
The sale involved an accelerated book-build offering consisting of 484.7 million shares of Indus Towers, representing 18% of the company's share capital. The total proceeds from the placement will significantly reduce Vodafone's existing lender obligations.
Following this transaction, Vodafone now holds 82.5 million shares, or a 3.1% stake in Indus Towers, indicating a significant shift in their investment strategy.
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