Vodafone Group plans to sell nearly an 18 per cent stake in India's Indus Towers for up to USD two billion. This is a significant increase from the approximately 10 per cent stake they initially intended to sell.
The telecom company, which holds a 21.5 per cent stake in Indus Towers, is planning to use the proceeds from the sale to repay debt, according to a report by Reuters last week.
In 2022, Vodafone announced its intention to sell its entire stake in the Indian firm.
In the latest stake sale planned for 19 June, the company aims to sell shares within the price range of Rs 310 to Rs 341.
On Wednesday, over 615 million shares of Indus Towers were traded across numerous block deals, with a total of approximately 713 million shares exchanged, according to data from the National Stock Exchange of India.
Indus Tower's share price was trading in the red, down 4.48 per cent at Rs 328.50, on 19 June, at 11:00 am, on BSE. Meanwhile, Vodafone Idea share price was down 2.43 per cent at Rs 16.45 on 19 June, at 11:01 am, on BSE.
This follows Bharti Airtel announcing that its Special Committee approved buying up to 27 million shares in Indus Towers on 19 June, 2024. As a result, the company acquired around 26.95 million (one per cent) shares on June 19. The committee met from 8:30 to 9:45 am, as per an exchange filing.
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