Vodafone Group Plc has announced plans to sell its remaining 3% stake in Indus Towers Limited, equating to 79.2 million shares. The sale will be executed through an accelerated book-building process. The proceeds will primarily be used to repay Vodafone’s outstanding borrowings, secured against the company’s Indian assets.
As part of the security arrangements with Indus Towers, any remaining funds after debt repayment will be allocated to support Vodafone Idea Limited (Vi). The funds are intended to facilitate a future equity issuance by Vi, with the proceeds directed toward settling outstanding Master Services Agreement (MSA) dues owed to Indus Towers.
Vodafone stated that if any shares remain post-repayment and are not utilized for Vi’s equity subscription, these will be retained to guarantee Vi’s obligations under the MSA. The move is seen as a strategic effort to streamline Vodafone’s balance sheet and address outstanding liabilities in India.
Further announcements regarding the placement and allocation of proceeds are expected. This development highlights Vodafone’s ongoing efforts to stabilize its financial position
