Vodafone to sell 3% stake in Indus Towers to clear debt

British telecom company Vodafone will sell 3 per cent stake in Indus Towers to clear its debt of $101 million or about Rs 856 crore and use the residual amount to pay outstanding dues of its Indian venture Vodafone Idea. The transaction is valued at around Rs 2,841 crore as per the Wednesday’s closing price of Indus Towers stock at Rs 358.75 apiece on the BSE.

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“Vodafone Group Plc announces that it has launched a placing of its remaining 79.2 million shares in Indus Towers Limited representing 3 per cent of Indus’ outstanding share capital through an accelerated book build offering,” Vodafone said in a regulatory filing.

Before this transaction Vodafone had 82.5 million shares or 3.1 per cent stake in Indus Towers.