New Delhi, British telecom company Vodafone said on Wednesday that it has sold 18 percent stake in Indus Towers for 1.7 billion euros (about Rs 15,300 crore).
The company will use the bulk of the proceeds to pay off outstanding bank borrowings of 1.8 billion euros secured against Vodafone's assets in India.
"Vodafone Group Plc...sold 484.7 million shares in Indus Towers Limited, representing 18 per cent of the share capital of Indus, through an accelerated book-build offer.
"This raised ₹153.0 billion (1.7 billion euros) in gross proceeds, which will be used to repay Vodafone's existing creditors in respect of outstanding bank borrowings of 1.8 billion euros secured against Vodafone's Indian assets," Vodafone said in a note. Will be done."
After the transaction, Vodafone now holds 82.5 million shares or 3.1 per cent stake in Indus Towers.
The company will use the bulk of the proceeds to pay off outstanding bank borrowings of 1.8 billion euros secured against Vodafone's assets in India.
"Vodafone Group Plc...sold 484.7 million shares in Indus Towers Limited, representing 18 per cent of the share capital of Indus, through an accelerated book-build offer.
"This raised ₹153.0 billion (1.7 billion euros) in gross proceeds, which will be used to repay Vodafone's existing creditors in respect of outstanding bank borrowings of 1.8 billion euros secured against Vodafone's Indian assets," Vodafone said in a note. Will be done."
After the transaction, Vodafone now holds 82.5 million shares or 3.1 per cent stake in Indus Towers.
