UK's Vodafone to sell remaining 3% stake in India's Indus Towers (updated)

Indus Towers

04/12/2024 10:38

(Adds details of sale in paragraphs 2 and 3)
       Dec 4 (Reuters) - Vodafone Group  VOD.L  will sell its
remaining 3% stake in Indian telecom infrastructure developer
Indus Towers  INUS.NS , the British telecom group said on
Wednesday.
    The British firm said it has launched a placing of
its remaining 79.2 million shares in Indus Towers through an
accelerated book build offering.
    The FTSE 100  .FTSE  company also said the proceeds from the
placing will be used firstly to repay Vodafone's outstanding
borrowings of $101 million, which was secured against its Indian
assets.
    In June, Vodafone sold a bigger-than-planned 18% stake in
Indus Towers, raising $1.82 billion.

 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Abinaya Vijayaraghavan and Shinjini Ganguli)
 ((abyjose.koilparambil@thomsonreuters.com))