CORPORATE
Vodafone’s 10% stake sale in Indus Towers may fetch it about $1.1 billion
- IBJ Bureau
- Jun 19, 2024
The Vodafone Group is all set to sell about 10 per cent stake in Indus Towers for as much as $1.1 billion as a part of its efforts to repay debt.
Vodafone will sell 268 million shares in Indus Towers via block deals at a price range of Rs 310 to Rs 341 per share (a discount of up 10 per cent from Tuesday’s closing price), valuing the stake between $996 million and $1.1 billion. Shares of Indus Towers closed on June 18 at Rs 346.45, up 1.67 per cent on the NSE.
Last week, it was reported that UK-based Vodafone was mulling to sell its entire $2.3 billion stake in Indus Towers via block deals. Vodafone currently owns 21.5 per cent in Indus Tower via different entities. The stake sale comes months after Bharti Airtel denied reports that it was in talks to buy Vodafone’s stake in Indus Towers. Airtel is Indus Towers’ biggest shareholder, with 47.95 per cent stake. Vodafone has hired Bank of America, Morgan Stanley, Jefferies and BNP Paribas to manage the deal.
It has plans to repay a part of its $42.17-billion net debt using proceeds from Indus stake sale. The company in 2022 had announced that it would be offloading its 28 per cent stake but has managed to sell only a small portion so far.
Report By
View Reporter News