The funds have been raised by Vodafone Group’s entities in Mauritius by means of a debt association with HSBC Company Trustee Firm (UK).
Vodafone Group UK had pledged its stake in Indus Towers to lenders for over Rs 11,000 crore to fund its contribution to the rights concern of Vodafone Concept — its Indian telecom three way partnership with the Aditya Birla Group — again in 2019.
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Vodafone initially offered an 18% stake in Indus (out of its earlier 21.05% holding) for Rs 15,300 crore by means of an open market transaction. The stake sale proceeds have been largely used to clear a bulk of €1.8 billion in borrowings secured in opposition to Indian belongings.
“On 27 December 2024, HSBC Company Trustee Firm (UK) Restricted performing because the safety trustee for the lenders has launched the pledges pursuant to reimbursement of the excellent dues owed to the lenders by the Vodafone Promoter Shareholders,” Vodafone Concept mentioned in a regulatory submitting Saturday.Following the clearance, the 22.56% stake within the fairness share capital held by the Vodafone promoter shareholders has been launched, the submitting mentioned.The Vodafone Group holds a 22.56% stake in VIL, whereas the Aditya Birla Group holds 14.76%. The federal government holds a 23.15% stake as of September 30, 2024.
Earlier this month, Vodafone offered its remaining 3% stake in Indus through a number of block offers, elevating round Rs 2,801.7 crore, and absolutely exited the Indian tower firm, which is now a Bharti Airtel subsidiary.
On Friday, Vodafone Concept shares closed at Rs 7.47, down 1.3% on the BSE, whereas the benchmark Sensex surged 0.29%.
The inventory has declined 60% previously six months and 45% over the previous three years, with the corporate’s market capitalization now at Rs 52,065 crore.
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