Vodafone Idea Dues to Indus Towers, Will Sell Entire Indus Towers Stake

Vodafone Idea Dues to Indus Towers, Will Sell Entire Indus Towers Stake

According to sources familiar with the matter, reported on June 14 that Vodafone Group is considering selling its entire $2.3 billion stake in Indus Towers, a mobile-tower operator, through block deals next week. Vodafone holds a 21.5% stake in Indus Towers through various group entities. The report indicated that the final transaction size might be less than the full stake if market demand proves to be weak. Vodafone Idea, which has ambitious plans for 5G rollout and expanding its 4G coverage, aims to raise substantial funds. 

Following the news, shares of Vodafone Idea saw significant gains by the end of trading on June 14, while Indus Towers’ stock retreated from its intraday highs. Reuters mentioned contacting Vodafone India and its UK parent for comment, with no response received, while Indus Towers declined to comment on the matter. 

Vodafone is reportedly being assisted in managing the deal by Bank of America, Morgan Stanley, and BNP Paribas. Earlier on April 24, Bharti Airtel had denied reports suggesting talks about acquiring Vodafone Group’s 21.05% stake in Indus Towers. Bharti Airtel, led by billionaire Sunil Mittal, is the largest shareholder in Indus Towers with a 47.95% stake. 

“Bharti Airtel considers Indus as a critical infrastructure provider for the telecom industry and relies heavily on its services. Airtel is committed to ensuring Indus Towers’ robust financial health and stability,” Bharti Airtel had clarified in April. 

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