Vodafone to sell 10% stake in India's Indus Towers for up to $1.1 bln, term sheet shows (updated)

Indus Towers

18/06/2024 13:43

(Adds deatils from term sheet and background throughout)
       BENGALURU, June 18 (Reuters) - Vodafone Group  VOD.L 
will sell about 10% stake in India's Indus Towers  INUS.NS  for
as much as $1.1 billion on Wednesday, per a term sheet seen by
Reuters, as a part of the British firm's efforts to repay debt.
    Last week, Reuters reported that Vodafone was mulling to
sell its stake in mobile-tower operator Indus Towers, in which
it owns a 21.5% stake via various group entities.
    Vodafone plans to repay part of its $42.17 billion net debt
using proceeds from the Indus Towers stake sale, sources had
told Reuters last week.
    Vodafone will sell roughly 268 million shares in Indus
Towers through stock market block deals in Mumbai at a price
range of 310 rupees to 341 rupees per share, valuing the stake
between $996 million to $1.1 billion, the term sheet showed on
Tuesday.
        The midpoint of the price range is at a 4.5% discount to
Indus's stock closing price on Tuesday, but roughly in-line with
its close on Friday after Reuters reported on the sale. Indian
markets were closed on Monday. 
    Vodafone has hired Bank of America, Morgan Stanley,
Jefferies and BNP Paribas to manage the stake sale in Indian
stock markets, the term sheet showed.
    Vodafone and Indus Towers did not immediately respond to
Reuters' requests for comment.
    Block deals, where investors sell shares in stock markets,
have become increasingly popular in India as the market has
surged to record highs.
    

 (Reporting by M. Sriram and Indranil Sarkar; Editing by Mrigank
Dhaniwala)
 ((Indranil.Sarkar@thomsonreuters.com; Mobile:  +91
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