The UK telecom operator owns, via oblique wholly-owned subsidiaries, somewhat over 21 per cent in Indus Towers. At at this time’s closing worth of round ₹270.7 a share, Vodafone Group’s complete stake can be price ₹15,348 crore ($1.8 billion). The shares are pledged, and Axis Trustee Providers holds them because the safety trustee, in line with the quarterly trade submitting for December.
Sources indicated {that a} sale would occur seemingly via a block commerce both subsequent week or early within the subsequent fiscal yr. A time period sheet is being ready that will be shortly circulated to potential patrons. Media reviews final yr had indicated that Bharti Airtel, which holds a majority 47.95 per cent stake, might not be exercising its proper of first refusal if Vodafone finds one other purchaser.
An electronic mail despatched to Vodafone Plc in search of clarification on the deal didn’t elicit any reply.
Pledge on shares
The pledge on the shares must be lifted, nonetheless, earlier than they are often bought. Vodafone can both launch the shares by paying down the cash or it will probably negotiate with the lenders to elevate the lien in order that they are often bought. In line with reviews a yr in the past, the British firm had pledged its stake to settle excellent dues.
In 2022 Vodafone Plc bought over 7 per cent stake in Indus Towers of which 4.7 per cent was acquired by Bharti Airtel. The proceeds of the stake sale was invested in its Indian unit, Vodafone Concept, which is at present grappling with an enormous debt burden of over ₹2-lakh crore. The present sale will also be used to repay a part of Vodafone Concept’s as a consequence of Indus Tower.
The entities via which Vodafone Group holds stake in Indus Towers are Asian Telecommunication Investments (Mauritius) (1.86 per cent), Prime Metals (4.16 per cent), Euro Pacific Securities (0.51 per cent), Trans Crystal (2.78 per cent), Al-Amin Investments (1.55 per cent), Mobilvest (3.19 per cent), Vodafone Telecommunications India (3.09 per cent), CCII Mauritius Inc (0.85 per cent), Omega Telecom Holdings (2.3 per cent) and Usha Martin Telematics (0.75 per cent).
Shares of Indus Towers have been going up and during the last 5 days has gained 8.9 per cent, a lot of the achieve coming at this time, the inventory ending 8.2 per cent increased. On February 1, a KKR entity Silverview Portfolio Investments and Canada Pension Plan Funding Board bought 7 per cent stake in Indus Towers, nearly exiting the inventory.
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