M&A

M&A

Vodafone sells 18% stake of Indus Towers for 1.7 B euros; Airtel buys 1% stake

Business Line  

Vodafone Group Plc has sold 18% stake (48.47 crore shares) in Indus Towers through an accelerated book building offering. It raised INR 15,300 crore or EUR 1.7 Billion in the sale, which will be used to substantially repay Vodafone’s existing lenders in relation to the outstanding bank borrowings of EUR 1.8 Billion secured against Vodafone’s India assets.Bharti Airtel bought 1% stake (2.7 crore) shares in the tower company which has made Airtel's stake in Indus Tower rising to nearly 49%.