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Vodafone exits Indus Towers; sells 3% stake worth Rs.2,802-Cr through block deals

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Vodafone Group has exited its 3% stake in Indus Towers, raising around INR 2,801.7 crore through a series of block deals on the stock exchanges. The buyers included major investment banks, asset managers, and mutual funds. The sale marks the end of Vodafone's involvement with the Indian telecom tower company, which is now a subsidiary of joint venture partner, Bharti Airtel.The total of 7.92 crore shares were sold by Vodafone’s entities - Omega Telecom Holdings and Usha Martin Telematics - at INR 353.7 per share.Morgan Stanley Asia emerged as the largest buyer, purchasing shares worth INR 744.54 crore, followed by Kotak Mahindra Mutual Fund with INR 512.87 crore, and BofA Securities with INR 446.83 crore.The funds raised from this sale will first be used to settle Vodafone's outstanding borrowings of USD 101 million, secured against its Indian assets. The remaining proceeds will be directed towards infusing capital into Vodafone Idea (Vi), Vodafone’s telecom joint venture with the Aditya Birla Group.