Published On : 06/14/2024

Exclusive-Vodafone looks to sell $2.3 billion stake in India’s Indus Towers, sources say

By M. Sriram

MUMBAI (Reuters) – Vodafone Group is looking to sell its entire $2.3 billion stake in India’s Indus Towers through stock market block deals next week, two sources with direct knowledge said, part of the British firm’s effort to repay debt.

Vodafone currently owns 21.5% of mobile-tower operator Indus via various group entities, valuing the investment at $2.3 billion as of Friday’s stock price in Mumbai.

The final size of the stake sale is yet to be decided and could be lower than 21.5% if demand, which is still being assessed, is insufficient, the sources said. They declined to be named as the discussions are private.

Vodafone India and its UK parent did not immediately respond to requests for comment. Indus Towers declined to comment.

Vodafone plans to sell the stake via block deals in Indian stock markets next week and has hired Bank of America, Morgan Stanley and BNP Paribas to manage the deal, the sources said.

The banks did not respond to queries.

Vodafone in 2022 announced it would sell all of its then 28% stake, but has only managed to sell a sliver so far.

(Reporting by M. Sriram in Mumbai, additional reporting by Paul Sandle in London, editing by Aditya Kalra and Susan Fenton)

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