19th Jun 2024 08:49
(Alliance News) - Vodafone Group PLC on Wednesday said it sold a vast chunk of its stake in Indus Towers Ltd, a mobile phone tower operator in India.
The Newbury, Berkshire-based telecommunications provider said it sold 484.7 million shares, representing 18% of Indus's share capital, through an accelerated bookbuild, raising EUR1.7 billion.
Those funds will be used to "substantially repay Vodafone's existing lenders in relation to the outstanding bank borrowings of EUR1.8 billion secured against Vodafone's Indian assets".
Following the share sale, it owns 82.5 million Indus Towers shares, a 3.1% stake.
Vodafone shares were 0.9% higher at 71.24 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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