Vodafone exits Indus Towers, raises Rs 2,800 cr; clears Rs 890 cr dues

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Vodafone exits Indus Towers, raises Rs 2,800 cr; clears Rs 890 cr dues - Business Standard

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British telecom firm Vodafone has sold its entire stake in Indus Towers for Rs 2,800 crore, the telecom infrastructure firm said on Friday.Vodafone has sold 7.92 crore or 3 per cent stake in Indus Towers and used Rs 890 crore from the proceeds to clear lenders dues, the company said in a regulatory filing.

"Vodafone Group Plc announces that it has successfully completed the placing of its remaining 79.2 million shares in Indus Towers Limited ("Indus") representing 3.0 per cent of Indus' outstanding share capital through an accelerated book build offering on 5 December 2024," the filing said.

The company held 3 per cent stake through its indirect wholly-owned subsidiaries, Omega Telecom Holdings Pvt Ltd and Usha Martin Telematics Limited.