Vodafone raises stake sale in Indus Towers to up to $2 billion: Report - Hindustan Times
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Vodafone raises stake sale in Indus Towers to up to $2 billion: Report

Jun 19, 2024 10:39 AM IST

Earlier reports claimed that Vodafone Group was eyeing to offload up to 18 per cent stake in Indus Towers.

Indus Towers' 20 percent equity stake was sold in block deals today (June 19). The likely seller is reportedly UK's Vodafone Group in deals involving 53.30 crore shares of the mobile tower company. The deal was worth a total of 17,065 crore, it was reported after earlier reports claimed that Vodafone Group was eyeing to offload up to 18 per cent stake in Indus Towers.

A logo on the exterior of a Vodafone Group Plc store in London, UK.(Bloomberg)
A logo on the exterior of a Vodafone Group Plc store in London, UK.(Bloomberg)

Private equity firms I Squared Capital and alternative investment firm Stonepeak were among the list of buyers vying for Vodafone's stake in the mobile tower company.

Shares of Indus Towers fell as much as 9.4%, before paring losses to trade down 3.9% at 331 rupees.

Over 615 million shares of Indus Towers changed hands across hundreds of block deals on Wednesday, with around 713 million shares traded overall, per National Stock Exchange of India data.

Indus, which claims to be one of the world's biggest tower companies, also has India's second-biggest telecom firm, Bharti Airtel, as a shareholder.

Bharti Airtel said on Wednesday it bought 27 million shares or a roughly 1% stake in Indus, but did not share the price at which they were bought.

Private equity giant KKR and Canadian fund CPPIB were also investors in Indus, but sold their entire stakes in February.

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