Vodafone: Vodafone exits Indus Towers, sells shares value Rs 2,800 cr; clears Rs 890 cr dues

British telecom agency Vodafone has bought its total stake in Indus Towers for Rs 2,800 crore, the telecom infrastructure agency stated on Friday. Vodafone has bought 7.92 crore or 3 per cent stake in Indus Towers and used Rs 890 crore from the proceeds to clear lenders dues, the corporate stated in a regulatory submitting.

“Vodafone Group Plc declares that it has efficiently accomplished the inserting of its remaining 79.2 million shares in Indus Towers Restricted (“Indus”) representing 3.0 per cent of Indus’ excellent share capital via an accelerated guide construct providing on 5 December 2024,” the submitting stated.

The corporate held 3 per cent stake via its oblique wholly-owned subsidiaries, Omega Telecom Holdings Pvt Ltd and Usha Martin Telematics Restricted.

“Residual proceeds of Rs 19.1 billion (USD 225 million) have been used to amass 1.7 billion fairness shares in Vodafone Concept Restricted via a preferential allotment of shares (a “Capital Elevate”), rising Vodafone’s shareholding in Vi to 24.39 per cent (from 22.56 per cent),” it added.

Vodafone Concept has used the proceeds from this capital increase from Vodafone to pay excellent Grasp Service Settlement dues to Indus.