NEW DELHI – Vodafone Group (LON:VOD) Plc has finalized the sale of its remaining stake in Indus Towers Limited, divesting 79.2 million shares which equates to a 3.0% share of the telecom tower company. The transaction, executed via an accelerated book build offering on December 5, 2024, garnered proceeds of INR 28.0 billion (approximately US$330 million).
From the total raised, Vodafone (NASDAQ:VOD) allocated INR 8.9 billion (US$105 million) to clear all its outstanding borrowings that were secured against its Indian assets, along with covering transaction fees. The remaining INR 19.1 billion (US$225 million) was directed towards purchasing 1.7 billion equity shares in Vodafone Idea Limited (Vi) through a preferential share allotment.
This capital injection has increased Vodafone's stake in Vi from 22.56% to 24.39%. Vi has utilized the funds from this capital raise to settle its outstanding Master Service Agreement dues with Indus Towers. Following these transactions, Vodafone has fulfilled all its obligations to Indus Towers under the security arrangements that were in place.
The acquiring entities for the stake in Vi are Omega Telecom (BCBA:TECO2m) Holdings Private Limited and Usha Martin (NS:USBL) Telematics Limited. The completion of this deal marks a significant reshuffling of Vodafone's investments and financial obligations in the Indian telecom market.
This news is based on a press release statement from Vodafone Group Plc.
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