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Vodafone Group intends to sell a 3% stake in Indus Towers, aiming to use the proceeds to settle a debt of USD 101 million
Vodafone Fundraise Plan
Vodafone Idea, a debt-laden telecom company, is in focus after announcing that its board will consider a proposal today to raise up to Rs 2,000 crore from Vodafone Group entities. Vodafone Group intends to sell a 3% stake in Indus Towers, aiming to use the proceeds to settle a debt of USD 101 million (about Rs 856 crore) and channel the remaining funds into supporting Vodafone Idea’s operations in India.
In a filing, the company revealed that its Board of Directors will meet on Monday, December 9, 2024, to discuss the proposal of raising up to Rs 2,000 crore through the issuance of equity shares and/or convertible securities on a preferential basis to one or more Vodafone Group entities.
Meanwhile, Vodafone Group Plc, based in the UK, has sold its entire 3% stake in Indus Towers through a series of block deals with major global investment banks, alternative asset managers, large international fund houses, hedge funds, local mutual funds, and pension funds, raising approximately Rs 2,801.7 crore. This marks Vodafone’s complete exit from the Indian tower company, which is now a subsidiary of Bharti Airtel.
