Vodafone Group Plc is selling 10 per cent stake in Indus Towers to raise up to Rs 90 billion via block deals. According to the term sheet, the deal is valued at up to $ 1.09 billion.
According to the terms of the transaction, the shares are being offered at a discount of 10 per cent to closing price of Rs 344 a share. Meanwhile, Vodafone Group Plc currently owns 21.5 per cent stake in Indus via various group entities. It will use the proceeds to repay its own debt.
In addition, as per the terms of transaction, BoFA Securities India, Morgan Stanley India Company, Jeffries India and BNP Paribas Securities India are managing the sale.
Furthermore, Vodafone Group Plc has also diluted its stake in Vodafone Idea Limited (Vi), after the company raised Rs 180 billion via a follow-on public offer. Post the offer, Vodafone Plc stake has been diluted to 18 per cent in Vi. Further, Vi plans to use the proceeds to launch its 5G-based telecom services in India.
