British telecom firm Vodafone has sold its entire stake in Indus Towers for Rs 2,800 crore, the telecom infrastructure firm said on Friday.
Vodafone has sold 7.92 crore or 3 per cent stake in Indus Towers and used Rs 890 crore from the proceeds to clear lenders 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.
The company held 3 per cent stake through its 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 has used the proceeds from this capital raise from Vodafone to pay outstanding Master Service Agreement dues to Indus.
“Following this, Vodafone’s obligations to Indus under the Security Arrangements have now been satisfied in full,” the filing said.
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