Vodafone Group is set to sell a significant portion of its stake in India's Indus Towers. The British telecommunications giant plans to offload up to 18% equity, valued at approximately $2.3 billion, through block deals on June 19. This strategic move is part of Vodafone's broader effort to reduce its debt burden. The sale will be conducted at a price range of ₹310-341 per share, with the offer price at a discount of 0.8% to 9.9% from the previous day's close. Vodafone will sell 26.8 crore shares and has hired Bank of America, Morgan Stanley, and BNP Paribas to facilitate the transaction. The proceeds from the sale will be used to repay Vodafone's debt.
Sources To #CNBCTV18 📢| #VodafoneGroup now likely to sell up to 18% equity in #IndusTowers https://t.co/nQ3xmuohHp
Just In | Vodafone: Vodafone Group increases block of Indus Towers shares @ViCustomerCare https://t.co/bJKwSIV6mk
Indus Towers: Vodafone Plc likely to sell up to 9.94% of the total equity via block deals. Price band fixed between ₹310 - ₹341 per share. The offer price is at a discount of 0.8% to 9.9% from Tuesday's close.