Vodafone Group Plc sells 18.0% stake in Indus Towers

Vodafone Group Plc (LON:VOD) has announced that it has sold 484.7 million shares in Indus Towers Limited, representing 18.0% of Indus’ share capital through an accelerated book-build offering.

The Placing raised INR 153.0 billion (€1.7 billion) in gross proceeds which will be used to substantially repay Vodafone Group’s existing lenders in relation to the outstanding bank borrowings of €1.8 billion secured against Vodafone’s Indian assets.

Following the Placing, Vodafone holds 82.5 million shares in Indus, equivalent to a 3.1% shareholding.

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Written by: Amilia Stone

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