Vodafone Group will sell its remaining 3% stake in Indian telecom infrastructure developer Indus Towers, the British telecom group said on Wednesday. The British firm said it has launched a placing of its remaining 79.

Vodafone Group Plc is to sell its remaining stake in India’s Indus Towers Ltd. after offloading $1.8 billion worth of shares in June.

Vodafone Group will sell its remaining 3% stake in Indus Towers to reduce exposure in underperforming markets. The proceeds will repay a $101 million loan secured against Indian assets. The move aligns with CEO Margherita Della Valle’s strategy to reduce debt.

British telecom player Vodafone is set to sell its entire 3% stake, or 7.9 crore shares, in Indus Towers, the company said on Wednesday, December 4, 2024. The proceeds from the Pl

Vodafone Group moved to sell off its remaining 3 per cent stake in India infrastructure player Indus Towers, a few months after offloading an 18 per cent holding for INR153 billion ($1.8 billion). In a filing, Vodafone stated it had begun a process to sell its remaining 79.2 million shares through a placing.

Vodafone Plc said that the funds from the sale of its remaining 3 percent equity stake in Indus Towers will be used to repay $101 million in outstanding borrowings, which are secured against its Indian assets.

After the transaction, the telco held over 3% stake in Indus Towers. Indus Towers is India's largest telecom tower provider, with over 219,736 towers across all 22 telecom circles

Vodafone Group will sell its remaining 3% stake in telecom infrastructure developer Indus Towers, the British telecom group said on Wednesday.