Indus Towers witnessed a block deal where 8 crore shares, representing 3% equity, were traded at ₹354 per share, amounting to ₹2,802 crore. This transaction aligns with Vodafone Group Plc’s recent announcement to sell its remaining 3% stake in Indus Towers, equating to 79.2 million shares. The sale is being executed through an accelerated book-building process.
Vodafone intends to use the proceeds from the sale to repay its outstanding borrowings secured against the company’s Indian assets. Any surplus funds after debt repayment will be allocated to support Vodafone Idea Limited (Vi), specifically for a future equity issuance aimed at settling outstanding Master Services Agreement (MSA) dues owed to Indus Towers.
Vodafone further stated that any unsold shares or unused funds post-repayment will be retained to guarantee Vi’s obligations under the MSA. This move is part of Vodafone’s strategic plan to streamline its balance sheet and address liabilities in India.
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