Vodafone Offloads 18% Stake in Indus Towers, Airtel Ups Stake by 1%

Vodafone has sold an 18% stake in Indus Towers for €1.7 billion to repay bank borrowings. Meanwhile, Bharti Airtel increased its stake by acquiring 2.69 crore shares in India's largest mobile tower company. The shares were purchased at an average price of Rs 320 apiece, totaling Rs 862.38 crore.

In notable financial movements, British telecom giant Vodafone divested an 18% stake in Indus Towers on Wednesday for €1.7 billion (approximately Rs 15,300 crore).

Concurrently, Bharti Airtel expanded its stake by purchasing 2.69 crore shares, equivalent to a 1% stake, in Indus Towers, India's foremost mobile tower installation firm.

The shares were acquired at an average rate of Rs 320 each, culminating in a transaction value of Rs 862.38 crore, as per bulk deal data.

Vodafone's sale will primarily repay €1.8 billion in outstanding bank borrowings. This transaction, achieved through an accelerated book-build offering, saw Vodafone shift 484.7 million shares of Indus Towers, translating to significant debt relief.

Post-sale, Vodafone retains an 82.5 million shareholding (3.1% stake) in Indus Towers.

Further influencing the market, Airtel's latest acquisition elevates its stake to 48.95% from a prior 47.95%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)