Vodafone: Vodafone sells 18% stake in Indus Towers; Got ₹15300 crore, company will do this work in India

British telecom company Vodafone said on Wednesday that it has sold its 18 percent stake in Indus Towers for 1.7 billion euros (about Rs 15,300 crore). According to the company, a major part of the proceeds from this deal will be used to pay off the outstanding bank loan of 1.8 billion euros taken against Vodafone’s assets in India.

Vodafone Group Plc sold its 484.7 million shares in Indus Towers Ltd, according to the company. Vodafone’s total stake in the company is 18%. “This raised ₹153.0 billion (1.7 billion euros) in gross proceeds, which will be used to repay the outstanding bank borrowings of 1.8 billion euros taken against Vodafone’s Indian assets,” Vodafone said in a note. ” After the transaction, Vodafone now has 82.5 million shares or 3.1 percent stake in Indus Towers.