Indus Towers gains 1% after Vodafone Group sell 3% stake
Shares of Indus Towers Ltd were trading 1.52 per cent higher at ₹364.20 on the BSE at 2:07 pm. On Wednesday, Vodafone Group said it had initiated the sale of its remaining 3 per cent stake in Indus Towers to bolster its financial position. The proceeds from this divestment will be primarily used to repay Vodafone’s outstanding debt of approximately $101 million.
After settling its debt obligations, the residual funds will be directed towards securing Vodafone Idea Limited’s (Vi) outstanding dues to Indus Towers. A portion of these funds will be held by Indus Towers as collateral to guarantee Vi’s commitments under the Master Services Agreements (MSAs).
The transaction, valued at approximately ₹2,841 crore, is expected to strengthen Vodafone’s financial profile and support its ongoing operations.
Vodafone Idea shares declined 3.69 per cent to ₹8.10 on the BSE.
