• Source:PTI
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Vodafone, a British telecom company, stated on Wednesday that it sold an 18 percent stake in Indus Towers for 1.7 billion euros (approximately Rs. 15,300 crores). The business will utilize a substantial portion of the proceeds to settle 1.8 billion euros in outstanding bank borrowings taken against Vodafone's assets in India.

The company sold 484.7 million shares in Indus Towers Limited, representing 18 percent of Indus' share capital through an accelerated book-build offering, according to Vodafone Group Plc.

"The placing raised Rs 153.0 billion (1.7 billion euro) in gross proceeds, which will be used to substantially repay Vodafone's existing lenders about the outstanding bank borrowings of 1.8 billion euro secured against Vodafone's Indian assets," Vodafone said in a note.

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Vodafone now possesses 82.5 million shares or a 3.1 percent stake in Indus Towers after the transaction. In the meantime, Bharti Airtel has increased its ownership in Indus Towers by 1 percent with the acquisition of around 26.95 million shares.

"Under the approval of Special Committee to acquire up to 27 million equity shares of Indus Towers, the Company has acquired around 26.95 million (i.e. 1 percent) equity shares on-market today," Airtel said in a regulatory filing.

Airtel's ownership in Indus Towers has increased to 48.95 percent from the 47.95 percent stake it held before due to this transaction. Indus Towers' shares closed at Rs. 334 each on Wednesday, down 2.88 percent on the BSE.

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(With PTI's Input)