Vodafone, a British telecom provider, has sold its whole share in Indus Towers for Rs 2,800 crore, the telecom infrastructure firm announced on Friday.
A regulatory document states that Vodafone utilized the 7.92 crore it received from the sale of Indus Towers, or 3% of its stake, to pay back its lenders.
"Vodafone Group Plc announces that it has successfully completed the placing of its remaining 79.2 million shares in Indus Towers Limited representing 3.0 per cent of Indus' outstanding share capital through an accelerated book build offering on 5 December 2024," according to a regulatory filing.
The corporation maintained a 3% share through its indirect wholly-owned subsidiaries, Omega Telecom Holdings Pvt Ltd and Usha Martin Telematics Limited.
"Residual proceeds of Rs 19.1 billion (USD 225 million) have been used to acquire 1.7 billion equity shares in Vodafone Idea Limited through a preferential allotment of shares (a" Capital Raise "), increasing Vodafone's shareholding in Vi to 24.39 per cent (from 22.56 per cent)," according to the report.
Vodafone Idea used the profits of this capital issue from Vodafone to cover Indus' overdue Master Service Agreement dues.
"Following this, Vodafone's obligations to Indus under the Security Arrangements have now been satisfied in full," according to the filing.
