Vodafone looks to sell $2.3 bln stake in India's Indus Towers, sources say

Indus Towers

14/06/2024 10:27

By M. Sriram
       MUMBAI, June 14 (Reuters) - Vodafone Group  VOD.L  is
looking to sell its entire $2.3 billion stake in India's Indus
Towers  INUS.NS  through stock market block deals next week, two
sources with direct knowledge said, part of the British firm's
effort to repay debt.
    Vodafone currently owns 21.5% of mobile-tower operator Indus
via various group entities, valuing the investment at $2.3
billion as of Friday's stock price in Mumbai.
    The final size of the stake sale is yet to be decided and
could be lower than 21.5% if demand, which is still being
assessed, is insufficient, the sources said. They declined to be
named as the discussions are private. 
    Vodafone India and its UK parent did not immediately respond
to requests for comment. Indus Towers declined to comment.
    Vodafone plans to sell the stake via block deals in Indian
stock markets next week and has hired Bank of America, Morgan
Stanley and BNP Paribas to manage the deal, the sources said.
    The banks did not respond to queries.
    Vodafone in 2022 announced it would sell all of its then 28%
stake, but has only managed to sell a sliver so far.

 (Reporting by M. Sriram in Mumbai, additional reporting by Paul
Sandle in London, editing by Aditya Kalra and Susan Fenton)
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