Investing.com -- Vodafone Plc (LON:VOD) on Friday said it had completed the sale of its remaining stake in Indus Towers (NS:INUS), raising about 28 billion Indian rupees (US $330 million).
The transaction, conducted through an accelerated book build offering on December 5, 2024, involved the sale of 79.2 million shares, representing 3% of Indus Towers' outstanding share capital.
As per the telecom company’s statement, part of the proceeds—amounting to 8.9 billion rupees ($105 million)—was used to fully repay loans secured against its Indian assets.
This also covered associated transaction fees, allowing the company to close its obligations with existing lenders.
The remaining 19.1 billion rupees ($225 million) was used to buy 1.7 billion equity shares in Vodafone Idea (NS:VODA) (Vi) through a preferential allotment, increasing Vodafone’s shareholding in Vi to 24.39% from 22.56%.
A portion of the capital infusion was used by Vi to settle overdue payments under the Master Service Agreement it has with Indus Towers.
Vodafone was thus able to meet its obligations to Indus under prior security arrangements involving Vi's financial commitments.