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Telecommunications firm Vodafone Group PLC announced on Wednesday it has initiated the sale of its remaining 79.2 million shares in Indian telecom firm Indus Towers - a 3% stake - through an accelerated book build offering. The proceeds from the transaction will be used to repay Vodafone’s outstanding borrowings of around $101 million to Vodafone’s existing lenders. These borrowings are secured against Vodafone’s Indian assets. Under the terms, Indus has a security over the residual proceeds from the placing to guarantee obligations from Vodafone Idea to Indus under the master services agreement. Vodafone intends to contribute the residual proceeds from the placing, after repayment of Vodafone’s outstanding borrowings, towards an issue of new equity shares by Vi, as a capital raise. The proceeds from the capital increase would be used by Vi to pay outstanding MSA dues to Indus. Vodafone shares were 1.0% lower at 69.67 pence each in London on Wednesday afternoon. source: dpa Copyright 2024 Alliance News Ltd. All Rights Reserved.
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