• Source:JND
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Vodafone Exits Indus Tower: British telecom giant Vodafone on Friday said it has sold its entire stake in Indus Tower for Rs 2,800 crore. Vodafone has sold its 7.92 crore or 3 per cent stake in Indus Tower and used Rs 890 crore from it to pay creditor dues, the company said in a regulatory filing.

"Vodafone Group Plc announces that it has successfully completed the placing of its remaining 79.2 million shares in Indus Towers Limited ("Indus") representing 3.0 per cent of Indus' outstanding share capital through an accelerated book build offering on 5 December 2024," the filing said.

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The company held a 3 per cent stake through indirect wholly owned subsidiaries Omega Telecom Holdings Pvt Ltd and Usha Martin Telematics Limited.

"Residual proceeds of Rs 19.1 billion (USD 225 million) have been used to acquire 1.7 billion equity shares in Vodafone Idea Limited through a preferential allotment of shares (a "Capital Raise"), increasing Vodafone's shareholding in Vi to 24.39 per cent (from 22.56 per cent)," it added.

Vodafone Idea is using the proceeds from this capital raising from Vodafone to pay off outstanding Master Service Agreement dues to Sindhus.

"Following this, Vodafone's obligations to Indus under the Security Arrangements have now been satisfied in full," the filing said.

This is a developing story..

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(With PTI's Inputs)