Vodafone Group sells 18% stake of Indus Towers, Airtel buys 1% stake

Vodafone Group Plc has bought 48.47 crore shares or 18 per cent stake in Indus Towers by an accelerated guide constructing providing, the British telecom firm mentioned in a launch.

On Tuesday night, a time period sheet had mentioned that the corporate could be promoting 9.94 per cent stake, which was revised up at the moment to 18 per cent.

The corporate mentioned it raised ₹15,300 crore or €1.7 billion within the sale, “which will likely be used to considerably repay Vodafone’s current lenders in relation to the excellent financial institution borrowings of €1.8 billion secured towards Vodafone’s Indian property”.

Publish the stake sale, Vodafone holds 82.5 million shares in Indus, equal to a 3.1 per cent shareholding, it mentioned.

One of many consumers of the stake was Bharti Airtel, which mentioned in an trade submitting it had acquired 2.7 crore shares or 1 per cent stake within the tower firm. Airtel’s stake in Indus Towers will rise to just about 49 per cent.