Vodafone sells its entire stake in Indus Towers: raises Rs 2,800 crore, pays dues of Rs 890 crore
British telecom company Vodafone has sold its entire stake in Indus Towers for Rs 2,800 crore. The telecom infrastructure company gave this information in a regulatory filing on Friday (January 10).
The company said in the filing that Vodafone has sold 7.92 crore shares or 3% stake in Indus Towers. The funds raised from this amounting to Rs 890 crore have been used to repay the dues of lenders.
Vodafone sells its remaining 79.2 million shares in Indus Towers
The filing said that Vodafone Group Plc has announced that it has completed the sale of its remaining 79.2 million shares in Indus Towers Limited through a book build offering on December 5, 2024, which is 3.0% of the outstanding share capital of Indus.
The company held 3% stake through its indirect wholly owned subsidiaries Omega Telecom Holdings Private Limited and Usha Martin Telematics Limited.
Vodafone’s stake in VI rises from 22.56% to 24.39%
According to the filing, the remaining funds of Rs 19.1 billion ($225 million) have been used to purchase 1.7 billion equity shares in Vodafone Idea Ltd through a preferential allotment of shares (capital raise), thereby increasing Vodafone’s stake in VI from 22.56% to 24.39%.
Vodafone Idea has used the funds raised from Vodafone’s capital raise to pay the outstanding amount of the Master Service Agreement to Indus. Following this, Vodafone’s obligations to Indus under the security arrangements have now been fully discharged, the filing said.
