Vodafone Sells 18% Stake in Indus Towers, Raises €1.7 Billion

Vodafone has sold an 18% stake in Indus Towers for €1.7 billion to repay existing bank borrowings in India. This sale reduces Vodafone's stake to 3.1%. Meanwhile, Bharti Airtel increased its stake in Indus Towers by 1% to 48.95%. Indus Towers shares fell by 2.88% closing at Rs 334.

In a significant move, British telecom giant Vodafone has divested an 18 per cent stake in Indus Towers, raising €1.7 billion (approximately Rs 15,300 crore). The proceeds will largely be directed towards repaying outstanding bank borrowings of €1.8 billion secured against Vodafone's Indian assets.

This transaction has reduced Vodafone's holding in Indus Towers to a mere 3.1 per cent, post the sale of 484.7 million shares through an accelerated book-build offering.

Concurrently, Bharti Airtel has also made a strategic move, augmenting its share in Indus Towers by 1 per cent to now hold a 48.95 per cent stake. Indus Towers' stock saw a decline of 2.88 per cent, closing at Rs 334 apiece on the BSE on Wednesday.

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