Vodafone to sell remaining 3% stake in Indus Towers to repay $101 million debt

Vallari Sanzgiri Updated - December 04, 2024 at 06:07 PM.

This follows a larger stake sale in June, when Vodafone sold 18% of Indus Towers’ share capital, raising €1.7 billion to reduce outstanding debt

Earlier in June, Vodafone sold an 18% stake in Indus Towers, raising $1.82 billion.  | Photo Credit:

 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.

Published on December 4, 2024 10:46

This is a Premium article available exclusively to our subscribers.

Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

You have reached your free article limit.

Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

You have reached your free article limit.
Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

TheHindu Businessline operates by its editorial values to provide you quality journalism.

This is your last free article.