Vodafone-Idea plans to sell stake from Indus Towers worth $2 billion

Vodafone Group plans to sell an almost 18 per cent stake in India’s Indus Towers for up to $2 billion. This is a significantly 10% increase from the earlier stake they had planned to sell off.

The telecom company currently hold 21.5 per cent stake in Indus Towers, and is planning to employ the proceeds of the sale towards paying the debt, as per a report by Reuters.

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Earlier in 2022, Vodafone had announced its plan of selling its entire stake in the Indian company.

In the latest stake sale planned for June 19, the company aims to sell shares within the price range of Rs. 310 and 341 rupees.

On Wednesday, over 615 million shares of Indus Towers were traded across numerous block deals, with a total approximately 713 million shares exchanged, as per the data from National Stock Exchange of India.

This was followed by Bharti Airtel announcing that its Special Committee has approved buying up to 27 million shares in Indus Towers on June 19, 2024. As a result, the company has acquired 29.95 million (1 per cent) shares today.