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The operator says it values its remaining 3% stake at around $330 million
This week, Vodafone has announced that it is looking to sell its final 3% stake in Indus Towers, which it values at around $330 million.
The sale will be achieved through an accelerated book build offering.
Vodafone has been actively seeking to sell down its stake in Indus Towers since 2022, gradually reducing its stake from 28% to 21.5% earlier this year. In June, the company announced it was looking to sell a further 10% in the company, but a surge of interest saw them reconsider the scale of the stake sale.
Ultimately, Vodafone sold an 18% stake worth $1.8 billion to a variety of buyers, including SBI Mutual Fund, Kotak Securities, and rival telco (and Indus Towers shareholder) Bharti Airtel. Airtel is now the company’s largest stakeholder, owning 49% of the business.
Vodafone says the funds will be used to pare down it’s the company’s debt, including $101 million that was secured against its Indian assets.
Indus Towers was formed back in 2007 via a partnership between India’s three largest telcos at the time: Bharti Infratel, Vodafone Essar, and Idea Cellular.
Bharti Infratel itself later merged with Indus Towers in 2020, making the company one of the largest tower companies in the world, with 219,736 towers and 368,588 co-locations, as of March 2024.
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