Block Deal Alert: Vodafone Group is planning to sell nearly 18% of its stake in India’s Indus Towers, aiming to raise up to $2 billion. This is a significant increase from the roughly 10% stake they originally intended to sell.
Vodafone currently owns a 21.5% stake in Indus Towers and plans to use the money from this sale to pay off debt, according to a Reuters report last week.
Back in 2022, Vodafone announced it wanted to sell its entire stake in the Indian company.
For the latest sale planned for June 19, Vodafone aims to sell shares at a price between 310 and 341 rupees each.
On Wednesday, over 615 million shares of Indus Towers were traded through multiple block deals, with a total of about 713 million shares exchanged, according to the National Stock Exchange of India.
As of 11:00 am on June 19, Indus Towers’ share price was down 4.48%, trading at ₹328.50 on the BSE. At the same time, Vodafone Idea’s share price dropped 2.43%, trading at ₹16.45 on the BSE.
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