Vodafone Group confirmed several days of speculation on Wednesday, as it announced the sale of 484.7 million shares in Indus Towers, representing 18% of Indus' share capital, through an accelerated bookbuild.
Source: Sharecast
The FTSE 100 telecoms giant said the transaction raised INR 153.0bn (€1.7n) in gross proceeds.
It said the funds would be used to significantly repay Vodafone's existing lenders concerning the €1.8bn outstanding bank borrowings secured against Vodafone's Indian assets.
Post-sale, Vodafone retains 82.5 million shares in Indus, which equated to a 3.1% shareholding.
Reporting by Josh White for Sharecast.com.
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