Vodafone on Wednesday said it had successful sold an 18% stake in Indus Towers for gross proceeds of around €1.7 bn or about Rs 15,300 cr. The sale of 484.7 mn shares of Indus Towers Limited was completed via accelerated book-build offering.
The money from the sale will be primarily used to significantly repay a portion of Vodafone's outstanding bank borrowings, which are 1.8 billion euros that were secured against Vodafone's assets in India. In a statement, Vodafone Group Plc said the gross proceeds from the placement amount to Rs 153.0 billion, or 1.7 billion euros.
Subsequent to the transaction, the Vodafone stake in Indus Towers has reduced by holding 82.5 million equity shares, aggregating to 3.1 percent of Indus Towers' share capital.
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