Vodafone sells 18% stake in Indus Towers for 1.7 billion euros
Mumbai: British telecom company Vodafone announced on Wednesday that it has sold an 18 percent stake in Indus Towers for 1.7 billion euros (approximately Rs 15,300 crore), reported media.
"Vodafone Group Plc...sold 484.7 million shares in Indus Towers Limited, representing 18 percent of Indus' share capital through an accelerated book-build offering.
"The placing raised Rs 15,300 crore (1.7 billion euro) in gross proceeds which will be used to substantially repay Vodafone's existing lenders in relation to the outstanding bank borrowings of 1.8 billion euro secured against Vodafone's Indian assets," Vodafone said in a note, reported PTI.
The majority of the proceeds will be used to repay 1.8 billion euros of outstanding bank loans secured against Vodafone's assets in India.
After the transaction, Vodafone retains 82.5 million shares, or a 3.1 percent stake, in Indus Towers.
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