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Vodafone to sell $335m stake in India’s telco company
Vodafone Group Plc plans to sell its remaining 3% stake in India’s telecommunications infrastructure company Indus Towers Ltd.
The sale involves 79.2 million shares, which could generate up to US$335 million.
This move comes after the company sold an 18% stake in June for US$1.8 billion.
Shares are priced between 343 and 358 rupees (around US$4.1 to US$4.3) each, offering a discount of 3.98% at the low end and a 0.22% premium at the high end based on Wednesday’s close.
Vodafone intends to use the proceeds to partially reduce its debt.
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