Vodafone Plc to promote 9.94% stake in Indus Towers for ₹8,308-₹9,139 crore

Vodafone Plc might be promoting 2.68 crore shares or 9.94 per cent stake of Indus Towers by way of block offers for a complete worth of ₹8,308-9,138.8 crore, in response to the time period sheet seen by businessline. The block deal might be carried out on June 19.

The deal value is within the vary of ₹310-341, a reduction starting from 1 to 10 per cent on the prevailing market value. The inventory closed 1.7 per cent greater at ₹346.45 right this moment on the NSE.

The sellers are Euro Pscific Securities, CCII Mauritius, Asian Telecommunication Investments, Trans Crystal Ltd, Mobilvest, Prime Metals, Vodafone Telecommunications (India), and Al-Amin Investments, all wholly-owned oblique entities of Vodafone Plc.

The deal is being managed by Morgan Stanley, BofA Securities, Jefferies and BNP Paribas Securities.

Vodafone had not but reverted to an e-mail looking for a response on the proposed transaction.

• Additionally learn: Vodafone Thought’s ₹20,000 crore share sale to hit market quickly, roadshows garner investor curiosity

Shareholding sample

Vodafone Group Plc, by way of its oblique wholly owned subsidiaries, holds 567,164,035 shares, or 21.05 per cent stake within the firm on the finish of March 2024. In keeping with trade filings, these shares are pledged in favour of Axis Trustee Providers, which is the safety trustee. Its stake is value round $2.4 billion on the present market value, with Indus Tower’s inventory having appreciated 1.4 per cent over the past three months.

Bharti Airtel holds a majority 47.95 per cent stake within the tower firm and has the best of first refusal, however experiences have recommended previously that it was not curious about exercising that proper if there was one other purchaser. It had acquired a 4.7 per cent stake within the tower operator in 2022, when Vodafone Plc divested the stake.

The British telecom firm has been attempting for a very long time to exit the tower firm or at the least promote a major stake, however has been constrained by a scarcity of consumers. In March, this 12 months, it had began the method of divesting stakes and speaking to potential consumers, and in response to sources, it had been trying to promote round a 3 per cent stake.

Media experiences have stated that New York-based funding agency Stonepeak and Florida-based I-Squared Capital, which spend money on world infrastructure corporations, might be potential consumers.