Vodafone Group Plc has completed its exit from Indus Towers on December 5, 2024, by divesting a 3 per cent stake in the company for approximately Rs 28 billion through a block deal.
The telco indicated that the proceeds from this sale would primarily be allocated to repaying debts associated with Vodafone Idea Limited (Vi). In this transaction, around 80 million shares were exchanged at an average price of Rs 354 each. Further, Vodafone plans to utilise the remaining funds after settling its outstanding borrowings to support a new equity share issuance by Vi, contingent upon decisions made by Vi’s board of directors regarding the terms of this capital raise.
Investors in the block deal included, Morgan Stanley Asia, BofA Securities Europe, Blackstone, Kotak Mahindra Mutual Fund, ICICI Prudential Life Insurance Co and the National Pension System (NPS) Trust and other players. This sale marks Vodafone’s complete withdrawal from Indus Towers, which has now become a subsidiary of Bharti Airtel.
