Vodafone sells 18pc stake in Indus Towers

Vodafone Group confirmed several days of speculation on Wednesday, as it announced the sale of 484.7 million shares in Indus Towers, representing 18% of Indus' share capital, through an accelerated bookbuild.

The FTSE 100 telecoms giant said the transaction raised INR 153.0bn (€1.7n) in gross proceeds.

It said the funds would be used to significantly repay Vodafone's existing lenders concerning the €1.8bn outstanding bank borrowings secured against Vodafone's Indian assets.

Post-sale, Vodafone retains 82.5 million shares in Indus, which equated to a 3.1% shareholding.

Reporting by Josh White for Sharecast.com.