Vodafone Group Sells 18% Stake in Indus Towers For $1.84 Billion to Repay Debt

By Najat Kantouar

Vodafone Group sold an 18% stake in India's Indus Towers for 153.0 billion rupees ($1.84 billion) to repay debt.

The U.K. telecommunication company said Wednesday that it sold 484.7 million shares through an accelerated placing, and that the proceeds will be used to pay off its existing debt of 1.8 billion euros ($1.93 billion) secured against Vodafone's Indian assets.

Vodafone has been gradually reducing its stake in Indus Towers over time and currently holds 3.1% stake. In 2022, Vodafone said it had talked to several parties about selling its remaining shareholding in Indus Towers.

The telecommunication group has been looking to restructure its business, especially in Europe. In March, the company agreed to sell its Italian business to Swisscom for $8.7 billion in cash.

Indus Towers is one of the world's largest telecom tower companies, operating 219,736 towers and 368,588 colocations. It has a nationwide presence covering all 22 telecom circles.

Write to Najat Kantouar at najat.kantouar@wsj.com

(END) Dow Jones Newswires

June 19, 2024 02:41 ET (06:41 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.