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Vodafone Group Plc to sell 9.9% stake in Indus Towers on Wednesday

Vodafone Group Plc to sell 9.9% stake in Indus Towers on Wednesday

| @indiablooms | 18 Jun 2024, 10:52 pm

Mumbai: Vodafone Group Plc, a promoter entity of Vodafone Idea Ltd, is expected to sell up to 9.94% equity through block deals in Indus Towers Ltd on Wednesday, reported CNBC-TV18.

The price range for the block deal is set between Rs 310 and Rs 341 per share, representing up to a 10% discount compared to Tuesday's closing price.

This transaction would be valued between Rs 8,308 crore and Rs 9,138 crore.

At the end of the March quarter, Vodafone Plc held a 21.05% stake in Indus Towers.

Vodafone Plc will be subject to a 90-day lock-in period for further share sales.

Brokerage firm UBS noted that if the deal proceeds, the funds will likely be injected into Vodafone Idea, according to the report.

To manage the stake sale in Indian stock markets, Vodafone has engaged Bank of America, Morgan Stanley, and BNP Paribas as advisors.

The telecom firm had previously announced plans to sell its 28% stake in 2022, but only a portion has been sold so far, with negotiations with rival telecom companies reportedly remaining inconclusive.

Proceeds from the stake sale are intended for debt repayment, aiming to reduce Vodafone's $42.17 billion net debt.

Indus Towers, a major tower infrastructure company with nearly 220,000 towers, has Bharti Airtel as one of its key shareholders.

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