Vodafone to sell full Indus Tower stake worth $2.3 billion through block deal next week
Reuters reported on June 14 that Vodafone Group’s $2.3 billion full stake in mobile tower operator Indus Towers could be offloaded through a block deal next week.
Vodafone's 21.5% stake in The Indus is held through various group entities and is valued at $2.3 billion
Vodafone’s 21.5% stake in The Indus is held through various group entities and is valued at $2.3 billion. The final deal could fall short of Vodafone’s full stake in Indus Towers if demand weakens, the report said.
Vodafone Idea has a 5G rollout and 4G coverage plan for which it is looking to raise funds on a large scale.
Shares of Vodafone Idea had risen sharply at the end of trading on June 14, while Indus Towers fell from the day’s highs after the news broke out. While Reuters said Vodafone India and its UK guardians had been contacted and there was no comment yet, Indus Towers declined to comment on the news.Vodafone reportedly hired Bank of America, Morgan Stanley and BNP Paribas to help manage the deal.
Sunil Mittal-led Bharti Airtel is the largest shareholder in Indus Towers with a 47.95% stake.
On April 24, Bharti Airtel had denied reports that it was in talks to buy vodafone group’s 21.05 per cent stake in Indus Towers. Sunil Mittal-led Bharti Airtel is the largest shareholder in Indus Towers with a 47.95% stake.
While Indus provides critical infrastructure services to the telecom industry, Airtel relies heavily on it. Therefore, Airtel will always ensure that Sindhu is healthy and financially stable,” Bharti Airtel had said in its clarification in April.Vodafone to sell full Indus Tower stake worth $2.3 billion through block deal next week. read more
