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Vodafone Group to sell entire $2.3 bn stake in Indus Towers

Vodafone Group to sell entire $2.3 bn stake in Indus Towers

| @indiablooms | 14 Jun 2024, 04:45 pm

Mumbai: Vodafone Group is planning to sell its entire $2.3 billion stake in India's Indus Towers through block deals on the stock market next week, Reuters reported citing two sources with direct knowledge of the matter.

This move is part of the British company's strategy to repay its debt.

Vodafone holds a 21.5% stake in Indus Towers through various group entities, with the investment valued at $2.3 billion based on Friday's stock price in Mumbai.

The exact size of the stake sale is still to be determined and may be less than 21.5% if demand, which is currently being evaluated, is insufficient, the sources noted.

They requested anonymity due to the private nature of the discussions.

Both Vodafone India and its UK parent company did not immediately respond to requests for comment, and Indus Towers also declined to comment.

Vodafone intends to execute the stake sale via block deals in Indian stock markets next week and has engaged Bank of America, Morgan Stanley, and BNP Paribas to manage the transaction, the sources added.

The banks did not respond to inquiries.

In 2022, Vodafone announced plans to sell its entire 28% stake in Indus Towers but has only managed to sell a small portion so far.

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