Vodafone Group plans to sell about 10% of its stake in Indus Towers for up to $1.1 billion as part of the British firm’s efforts to repay its debt. Vodafone will sell roughly 268 million shares in Indus Towers through stock market block deals in Mumbai, priced between 310 rupees ($5.02) and 341 rupees per share. This values the stake between $996 million and $1.1 billion.
The proceeds from the Indus Towers stake sale will help Vodafone address part of its $42.17 billion net debt. The midpoint of the price range is at a 4.5% discount to Indus’s stock closing price on Tuesday, aligning closely with its close on Friday after news of the sale broke. Indian markets were closed on Monday.
Vodafone has hired Bank of America, Morgan Stanley, Jefferies, and BNP Paribas to manage the stake sale in Indian stock markets. Block deals, where investors sell shares in stock markets, have gained popularity in India as the market reaches record highs.
