Vodafone Group is looking to sell a 3% stake in Indus Towers, aiming to use the proceeds to settle USD 101 million in debt.
Vodafone Idea, the debt-laden telco, is in focus after announcing that its board today received Rs. Will consider proposals to raise up to 2,000 crores. Vodafone Group intends to sell a 3% stake in Indus Towers, aiming to settle debt of USD 101 million (roughly Rs. 856 crore) and use the remaining funds to support Vodafone Idea’s operations in India.
In a filing, the company disclosed that its board of directors will meet on Monday, December 9, 2024, to issue equity shares and/or convertible securities on preferential basis up to Rs. A proposal to raise funds up to Rs 2,000 crore will be discussed. or more Vodafone Group units.
Meanwhile, UK-based Vodafone Group Plc has sold its entire 3% stake in Indus Towers through a block deal with major global investment banks, alternative asset managers, major international fund houses, hedge funds, local mutual funds and local mutual funds. Pension Fund, about Rs. 2,801.7 crore collected. This marks Vodafone’s complete exit from the Indian tower company, now a subsidiary of Bharti Airtel.