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Vodafone Group PLC on Wednesday said it sold a vast chunk of its stake in Indus Towers Ltd, a mobile phone tower operator in India. The Newbury, Berkshire-based telecommunications provider said it sold 484.7 million shares, representing 18% of Indus’s share capital, through an accelerated bookbuild, raising €1.7 billion. Those funds will be used to ‘substantially repay Vodafone’s existing lenders in relation to the outstanding bank borrowings of €1.8 billion secured against Vodafone’s Indian assets’. Following the share sale, it owns 82.5 million Indus Towers shares, a 3.1% stake. Vodafone shares were 0.9% higher at 71.24 pence each on Wednesday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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