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Vodafone Group is selling its remaining 3 per cent stake in Indus Towers to repay the company’s outstanding borrowings of around $101 million, secured against its Indian assets, the company said in a London stock exchange filing.
“Vodafone has launched a placing of its remaining 79.2 million shares in Indus Towers representing 3.0 per cent of Indus’ outstanding share capital through an accelerated book build offering (Placing),” said the company.
In June of this year, Vodafone announced the sale of 484.7 million shares in Indus Towers, representing 18 per cent of Indus’ share capital. At the time, the €1.7 billion raised in gross proceeds were used to repay the company’s outstanding bank borrowings secured against Vodafone’s Indian assets.
As of 5PM on December 4, its share price was down 0.20 per cent in the London Stock Exchange to 70.18 GBX, while Vodafone Idea’s share price was up 2.44 per cent to ₹8.41.
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