Daijiworld Media Network – New Delhi

New Delhi, Jan 10: British telecom giant Vodafone has sold its entire 3% stake in Indus Towers for Rs 2,800 cr, the telecom infrastructure company announced on Friday. The sale includes 7.92 cr shares, and Vodafone has utilized Rs 890 cr of the proceeds to clear dues to lenders.

In a regulatory filing, Vodafone Group Plc confirmed the completion of the accelerated book build offering of its remaining 79.2 million shares, which represents 3% of Indus Towers' share capital. The stake was held through its subsidiaries, Omega Telecom Holdings Pvt Ltd and Usha Martin Telematics Limited.

The remaining Rs 19.1 billion (approximately USD 225 million) of the proceeds will be used to acquire 1.7 billion equity shares in Vodafone Idea Limited (Vi) through a preferential allotment, increasing Vodafone's stake in Vi to 24.39%, up from 22.56%.

Vodafone Idea has utilized the funds to settle outstanding Master Service Agreement (MSA) dues with Indus Towers. Following the payment, Vodafone's obligations under the Security Arrangements with Indus Towers have been fully satisfied.